Blackstone to take control of Emerson's climate tech in $14 billion deal

FILE PHOTO: Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid

(Reuters) - Emerson Electric Co will sell a majority stake in its climate technologies unit to Blackstone Inc in a deal that values the business at $14 billion, as the U.S. industrial firm pivots to supplying to a booming automation market.

The company will receive an upfront payment of about $9.5 billion, it said on Monday, which it will use to scoop up more firms, especially in the automation segment.