SPX to sell EGS Electrical Group joint venture interest to Emerson for $571M

SPX Corporation and its subsidiary SPX Holding, Inc. entered into a definitive agreement to sell their joint venture interest in EGS Electrical Group LLC to Emerson Electric Co. for $571 million in cash. The transaction is subject to normal closing conditions and regulatory approvals, with completion expected in Q1 2014.

“On December 3, 2013, SPX Corporation (the “Company”), SPX Holding, Inc., a subsidiary of the Company, (together with the Company, “SPX”), EGS Electrical Group LLC (“EGS LLC”), and Emerson Electric Co. (“Emerson”), entered into a definitive agreement (the “Agreement”) pursuant to which SPX has agreed to sell its joint venture interest in EGS LLC to Emerson for a cash price equal to $571 million.”

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