Blackstone has successfully completed a controlling stake in Emerson Electric’s climate technologies business. The buyout deal comes in at $14 billion, once all the debt and equity maths are added up, and gives the global PE behemoth 55% ownership. Some $5.5 billion of debt was used to complete the deal. There is a bit of hot air in the industry currently, as PE groups look for creative ways to finance buyouts without the backing of syndicated banks. Blackstone’s deal for Emerson, which saw it raise its own debt, is a sign that the buyout climate is far from cooling off.