Neovia Logistics LLC, a logistics services provider backed by industrial equipment conglomerate Caterpillar Inc, is exploring a sale that could value the company at more than $1 billion, according to people familiar with the matter. Neovia has enlisted investment bank UBS AG to run an auction for the company and is preparing to contact potential buyers, the people said, asking not to be named because the matter is not public.A sale of Neovia would come just two years after private equity firm Platinum Equity LLC acquired a 65 percent stake in the company from Caterpillar, leaving the industrial conglomerate with a 35 percent interest.Platinum said at the time the overall transaction was worth about $750 million. Macquarie Group Ltd, which financed the deal, said on its website at the time that it represented the largest global logistics deal since 2008.Representatives for Neovia, Platinum Equity, Caterpillar and UBS did not respond to requests for comment.
Caterpillar Inc. (Caterpillar) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Shares of CAT traded higher by 1.78% or $1.845/share to $105.22. In the past year, the shares have traded as low as $80.86 and as high as $104.62. On average, 6340480 shares of CAT exchange hands on a given day and today's volume is recorded at 7696979.
UBS AG is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. Shares of UBS traded higher by 0.1% or $0.02/share to $20.54. In the past year, the shares have traded as low as $16.39 and as high as $21.61. On average, 1960440 shares of UBS exchange hands on a given day and today's volume is recorded at 904620.
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