Platinum Equity affiliate secures debt financing to buy Emerson unit

By Marisa Wong

Morgantown, W.Va., Aug. 2 – Cortes NP Holdings, LLC and its wholly owned subsidiary, Cortes NP Acquisition Corp., have secured committed debt financing to help fund their acquisition of Emerson Electric Co.’s network power business. Cortes is controlled by affiliates of Platinum Equity Advisors, LLC.

Cortes has also secured equity financing for the transaction, valued at $4 billion in cash, according to an 8-K filing with the Securities and Exchange Commission.

Platinum is a private equity investment firm based in Beverly Hills, Calif. Emerson is an engineering company based in St. Louis.

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