Firm Advises on Acquisition Financing of Emerson’s Embedded Computing and Power Business

October 15, 2013

Willkie represents Platinum Equity Advisors, LLC in the financing of Platinum’s acquisition of a 51% interest of the entities and assets comprising the embedded computing and power business of Emerson Electric Co.

Willkie represented Platinum Equity Advisors, LLC and Artesyn Escrow, Inc. in connection with the $250 million offering of senior secured notes that closed on October. The proceeds of the offering by Artesyn Escrow will be used, together with a cash equity investment by Platinum, to purchase a 51% interest by Platinum in the embedded computing and power business of Emerson Electric Co. Emerson will retain a 49% interest in the business. At the closing of the acquisition, Artesyn Escrow will be merged with and into Artesyn Technologies, Inc. and a $75 million senior secured asset-backed revolving credit facility will be put in place.

The offering was led by partner Cristopher Greer and associates Theodore Neos, Tej Prakash and Samantha Palmer. The credit facility (and the collateral elements of the bond offering) was handled by partner William Hiller, special counsel Cindy Chernuchin and associate Erin Kinney.