nPrivate equity firm Carlyle Group LP is close to reaching an agreement to purchase Illinois Tool Works Inc's industrial packaging unit for more than $3 billion, and could announce the deal as soon as Thursday, people familiar with the matter said.Carlyle, which has a long track record of successfully carving out units from companies, prevailed over rival bidder -- the consortium of Onex Corp and Canada Pension Plan Investment Board (CPPIB) -- in the final stretch of the auction, the sources said on Thursday.The sources asked not to be identified because the matter is not public. Carlyle failed to comment while representatives for Illinois Tool Works, Onex and CPPIB did not immediately 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.
Shares of CG traded higher by 3.7% or $1.2/share to $33.63. In the past year, the shares have traded as low as $23.85 and as high as $38.13. On average, 422823 shares of CG exchange hands on a given day and today's volume is recorded at 428041.
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