CCI Approves Acquisition of Majority Stake in Emerson Electric Co. by BCP Emerald Aggregator L.P. Under Green Channel

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Aug 30, 2023

CCI Approves Acquisition of Majority Stake in Emerson Electric Co. by BCP Emerald Aggregator L.P. Under Green Channel

On April 21, 2023, CCI approved the acquisition of majority stake in the climate technologies business of Emerson Electric Co. (‘Seller/ Target Business’) by BCP Emerald Aggregator L.P (‘Buyer’), and the proposed investment by Stamford Bridge Investment Pte. Ltd. (‘GIC Investor’) and Platinum Falcon B 2018 RSC Limited (‘Platinum’) (collectively, ‘Co-investors’) in the Buyer by way of a direct / indirect investment (‘Proposed Transaction’). ^[1]

Parties

The Buyer is a limited partnership based out of Delaware, that was recently incorporated for the purpose of the Proposed Transaction. It is managed by an affiliate of funds advised and managed by the affiliates of Blackstone Inc.

GIC Investor is wholly owned by GIC (Ventures) Private Limited (‘GIC Ventures‘.). GIC Investor is a special purpose vehicle organised as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited.

Platinum is a restricted scope company, incorporated in the Abu Dhabi Global Market, that makes investments into the private equities asset class. Platinum is entirely owned by Platinum International Investment Holdings RSC Limited, which in turn is a direct wholly owned subsidiary of Abu Dhabi Investment Authority. Apart from making investments, Platinum does not carry out any business activities directly in India.

The Seller is an American multinational corporation headquartered in St. Louis, Missouri, United States. It designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions to its customers in a wide range of industrial, commercial and consumer markets around the world. Emerald JV Holdings L.P (‘JV Co’) is a wholly owned subsidiary of the Seller.

Green Channel Notification

The transaction was deemed approved as there were no horizontal overlaps or existing and / or potential vertical or complementary relationships between the Target Business in India and the Buyer, Co-investors, and the JV Co (including their relevant affiliates).

[1] C-2023/04/1023.

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