Carlyle Group LP has agreed to purchase Illinois Tool Works Inc's industrial packaging unit for $3.2 billion, the private equity firm's latest acquisition of a large unit being carved out of conglomerates.Carlyle, which has a long track record of acquiring non-core businesses from companies and turning them around, prevailed over rival bidder -- the consortium of Onex Corp and Canada Pension Plan Investment Board (CPPIB) -- in the final stretch of the auction, Reuters reported earlier on Thursday.Carlyle said it has secured committed debt financing from JPMorgan Chase & Co, Goldman Sachs Group, Bank of America Merrill Lynch, Barclays, Citigroup and Credit Suisse Group.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.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 1.77% or $0.29/share to $16.69. In the past year, the shares have traded as low as $10.98 and as high as $17.42. On average, 104708000 shares of BAC exchange hands on a given day and today's volume is recorded at 110011632.
Shares of CG traded higher by 4.81% or $1.56/share to $33.99. 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 492900.
Credit Suisse Group AG is a Switzerland-based holding company engaged in private banking, investment banking and asset management areas. Shares of CS traded higher by 1.9% or $0.57/share to $30.55. In the past year, the shares have traded as low as $24.84 and as high as $33.98. On average, 806577 shares of CS exchange hands on a given day and today's volume is recorded at 2298821.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 2.3% or $1.27/share to $56.48. In the past year, the shares have traded as low as $46.05 and as high as $59.82. On average, 18222800 shares of JPM exchange hands on a given day and today's volume is recorded at 20880708.
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