Bain nears deal to buy Apex Tool Group -sources
NEW YORK, Sept 19 |
NEW YORK, Sept 19 (Reuters) - Bain Capital LLC is in final discussions to buy Apex Tool Group - a joint venture between Danaher Corp and Cooper Industries Plc - for more than $1.5 billion, according to two people familiar with the matter.
The private equity firm that was co-founded by U.S. presidential candidate Mitt Romney has prevailed over Platinum Equity LLC and American Securities LLC in the auction for the maker of industrial hand and power tools, the people said.
Bain is expected to pay between $1.5 billion and $1.8 billion for the business, the people familiar with the matter said, asking not to be identified because the negotiations are not public.
A deal may be finalized in the next several days although talks could still fall apart, the people said. Representatives of Bain declined to comment while Apex did not respond to a request for comment.
Reuters reported on Aug. 23 that Bain, American Securities and Platinum Equity were among the final bidders for Apex Tool Group.
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