BX - Emerson Electric rises in premarket trading after Q3 results Blackstone deal

Emerson Electric ( NYSE: EMR ) rose 1.8% in premarket trading Monday after the industrial automation company beat Q3 earnings estimates and agreed to sell a majority interest in its climate technologies business to private-equity giant Blackstone ( NYSE: BX ).

Emerson’s adjusted EPS of $1.53 beat Wall Street’s consensus estimate by $0.14, while revenue rose 8.3% from a year earlier to $5.26 billion to beat the estimate by $30 million.

Emerson will receive pre-tax cash proceeds of approximately $9.5 billion from the agreement to sell a 55% stake in its climate-technologies unit to Blackstone. The deal values the business segment at $14 billion including debt, according to an announcement. The Wall Street Journal first reported about the agreement.

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