At least six major private equity groups are competing to purchase the industrial packaging segment of Illinois Tool Works Inc, in a deal that could fetch more than $3 billion, according to people familiar with the matter. Carlyle Group LP, Blackstone Group LP, Apollo Global Management LLC, Bain Capital LLC, Ares Management LLC and a consortium of Onex Corp and the Canada Pension Plan Investment Board (CPPIB) are among the firms that advanced to the second round of bidding, the people said.The people asked not to be named because details of the auction are not public. Illinois Tool Works did not immediately respond to requests for comment, while representatives for the takeover firms either failed to comment or did not respond to requests for comment.Illinois Tool Works announced in September it was initiating a process to sell the industrial packaging unit, as the conglomerate continues to streamline its diversified business lines.The packaging business, which had revenue of about $2.4 billion in 2012, makes steel, plastic and paper products used for bundling, shipping and protecting transported goods, with brands including Signode, Strapex, Angleboard and Mima.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO fell by 0.07% or $-0.02/share to $30.16. In the past year, the shares have traded as low as $15.12 and as high as $34.88. On average, 982432 shares of APO exchange hands on a given day and today's volume is recorded at 1561911.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 2.86% or $0.78/share to $28.04. In the past year, the shares have traded as low as $14.32 and as high as $28.73. On average, 4664120 shares of BX exchange hands on a given day and today's volume is recorded at 4858148.
Shares of CG traded higher by 1.08% or $0.35/share to $32.83. In the past year, the shares have traded as low as $23.85 and as high as $37.89. On average, 463571 shares of CG exchange hands on a given day and today's volume is recorded at 495469.
Illinois Tool Works Inc. (ITW), is a multinational manufacturer of a diversified range of industrial products and equipment with operations in 58 countries. Shares of ITW fell by 0.33% or $-0.26/share to $79.24. In the past year, the shares have traded as low as $59.55 and as high as $79.97. On average, 1706300 shares of ITW exchange hands on a given day and today's volume is recorded at 1112463.
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