Latest News | CCI Gives Nod to Blackstone-Emerson Electric Co Deal
Get latest articles and stories on Latest News at LatestLY. The Competition Commission of India (CCI) on Friday said it has granted its approval for the stake acquisition in climate technologies' business of Emerson Electric Co by BCP Emerald Aggregator LP.
New Delhi, Apr 21 (PTI) The Competition Commission of India (CCI) on Friday said it has granted its approval for the stake acquisition in climate technologies' business of Emerson Electric Co by BCP Emerald Aggregator LP.
BCP Emerald Aggregator LP is an affiliate of US-based alternative asset manager Blackstone.
The deal has been cleared under the green channel route.
The proposed transaction relates to the acquisition by BCP Emerald Aggregator LP (Buyer) of a majority stake in the climate technologies business of Emerson Electric Co (Seller), according to CCI.
The regulator has also approved the proposed investment by Stamford Bridge Investment Pte Ltd, an SPV of GIC (Ventures) and Platinum Falcon B 2018 RSC Ltd (Platinum), in BCP Emerald Aggregator LP.
GIC (Ventures) is a subsidiary of Singapore's sovereign wealth fund GIC, while Platinum is an affiliate of the Abu Dhabi Investment Authority (ADIA).
Emerson Electric Co designs and manufactures products and delivers services to a wide range of industrial, commercial and consumer markets.
Last year in October, Emerson announced that it will sell a majority stake in its climate technologies business to Blackstone.
"There are no horizontal overlaps or existing and/or potential vertical or complementary relationships between the target business and the acquirers.
"Accordingly, the proposed transaction is being filed as a green channel filing. As such, the transaction raises no risk of any adverse effect on competition," according to an update on the CCI website.
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)