Abstract: An emulsifying assembly comprising a milk supply duct and a mixing device for mixing at least steam and milk for preparing hot milk for cappuccino and similar beverages. The mixing device comprises at least one steam inlet, at least one milk inlet and an outlet while a first end of the milk supply duct is connected to the at least one milk inlet, a second open end of the at least one milk supply duct is situated at a height lower than the highest point of the at least one milk supply duct, while further, in use, the second open end of the milk supply duct is in fluid communication with a milk-filled milk container. The emulsifying assembly further comprises an aeration valve which is connected to the at least one milk supply duct, and with which the at least one milk supply duct can be aerated when the aeration valve is in its opened position. The milk container is placed in a cooling unit. The milk supply duct extends substantially inside the cooling unit.