Private equity firm Carlyle Group LP completed on Wednesday the sale of Metaldyne LLC for about $820 million to another takeover firm, its second divestment of a U.S. auto part supplier it picked up from bankruptcy in as many years.Reuters reported in September that American Securities LLC was in the lead to purchase Plymouth, Michigan-based Metaldyne for over $800 million from Carlyle. The two private equity firms announced the completion of the deal on Wednesday.The sale of Metaldyne, three years after it filed for Chapter 11 bankruptcy protection, was agreed for $820 million plus related expenses, of which $296.5 million would be paid by American Securities as equity, Moody's Investors Service Inc said on Nov. 16.Metaldyne makes metal-formed components and assemblies for powertrain applications, including engine connecting rods, transmission valve bodies and balance shaft modules.
Shares of CG traded higher by 3.92% or $0.99/share to $26.27. In the past year, the shares have traded as low as $20.00 and as high as $27.90. On average, 89155 shares of CG exchange hands on a given day and today's volume is recorded at 139234.
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