NEW YORK (AP) — Emerson is selling a majority stake in its climate technologies business to Blackstone in a deal valued at $14 billion including debt.

The standalone climate technologies unit includes the Copeland compressor business and the entire portfolio of products and services across all HVAC and refrigeration end-markets. The division serves both commercial and residential clients and, in its last fiscal year, booked $5 billion in sales.

Emerson, based in St. Louis, has sought to refashion itself into a pure-play global automation company, while Blackstone sees an opportunity for growth as businesses and households seek out more energy efficiency through new technologies.

Emerson Electric Co. will receive about $9.5 billion in cash proceeds and keep a non-controlling ownership interest in the new standalone joint venture.

The company posted fourth-quarter earnings Monday, including a $740 million profit. It topped Wall Street expectations for revenue and net income.

The transaction is expected to close in the first half of next year.