The Competition Commission of India (CCI) said on Friday that it has given its approval for the acquisition of shares in Emerson Electric Co’s weather technologies business by BCP Emerald Aggregator LP.
BCP Emerald Aggregator LP is a subsidiary of US-based alternative asset manager Blackstone.
The deal has been approved under the green channel route.
The proposed transaction relates to the acquisition by BCP Emerald Aggregator LP (Buyer) of a majority interest in the climate technologies business of Emerson Electric Co (Seller), according to CCI.
The regulator 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 GIC sovereign wealth fund, while Platinum is an affiliate of the Abu Dhabi Investment Authority (ADIA).
Emerson Electric Co designs and manufactures products and services a wide range of consumer, commercial and industrial markets.
In October last year, Emerson announced that it would sell a majority stake in its climate technologies business to Blackstone.
“There are no existing and/or potential horizontal overlaps or vertical or complementary relationships between the target business and the acquirers.
“Accordingly, the proposed transaction is presented as a green channel filing. As such, the transaction does not pose any risk of adverse effect on competition,” according to an update on CCI’s website.
Under the green channel route, a transaction that does not present any risk of an appreciable adverse effect on competition is considered approved upon notification to the fair trade regulator.
(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated feed.)
First posted: April 21, 2023 | 23:35 IS
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