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Tuesday, February 5, 2013

Praxair adds fizz with $1.1 billion NuCO2 buy, (NYSE: PX)

Praxair Inc, the world's largest supplier of carbon dioxide, said it will purchase NuCO2 Inc from private equity firm Aurora Capital Group for $1.1 billion to expand its beverage carbonation business.NuCO2 produces beverage-grade carbon dioxide that is added to fountain soda and draught beer, and provides delivery services to national restaurant chains, convenience stores and entertainment locations.The deal gives Aurora Capital more than twice the value of its $487 million investment in NuCO2.NuCO2 was exploring a sale and had hired Goldman Sachs Group to run an auction, Reuters reported last month, citing sources.

Praxair, Inc. (Praxair) is an industrial gases supplier. Shares of PX traded higher by 0.86% or $0.95/share to $111.13. In the past year, the shares have traded as low as $100.00 and as high as $116.93. On average, 1093110 shares of PX exchange hands on a given day and today's volume is recorded at 274569.