Chemicals manufacturer Ashland Inc is in talks with at least seven private equity firms about selling its water technologies unit in a deal that could top $1.5 billion, according to people familiar with the matter. Apollo Global Management LLC, Bain Capital LLC, TPG Capital LP, Onex Corp, Advent International Corp, Rhone Group LLC and Goldman Sachs Group Inc's private equity arm are among the firms through to the second round of bidding for the unit, the people said this week.The water technologies business has earnings before interest, tax, depreciation and amortization of roughly $200 million and could fetch eight times that amount, the people said.The sources spoke on condition of anonymity because details of the auction are confidential. An Ashland spokesman failed to comment while representatives of the private equity firms either declined to comment or did not respond to requests for comment.Ashland's water treatment business, the third largest among the company's four units, supplies chemicals to industries including pulp, paper and mining. The business also makes products such as biocides, coagulants and wood adhesives.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO traded higher by 0.73% or $0.22/share to $30.38. In the past year, the shares have traded as low as $15.14 and as high as $34.88. On average, 988822 shares of APO exchange hands on a given day and today's volume is recorded at 873025.
Ashland Inc. (Ashland) is a global specialty chemical company that provides products, services and solutions throughout a variety of industries. Shares of ASH fell by 0.11% or $-0.1/share to $90.77. In the past year, the shares have traded as low as $68.48 and as high as $94.65. On average, 703277 shares of ASH exchange hands on a given day and today's volume is recorded at 290687.
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