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Thursday, June 12, 2014

IK stake sale values Germany's Minimax at $1.9 billion -sources, (NYSE: UTX)

IK Investment Partners has sold a majority stake in German industrial fire protection systems maker Minimax Viking in a deal that values the group at $1.9 billion, two people close to the transaction said on Thursday.IK Investment Partners said earlier it had sold its two-thirds stake in Minimax Viking to Danish family holding Kirkbi A/S - the majority shareholder of toy maker Lego A/S - and asset manager Intermediate Capital Group Plc.Minimax Viking focuses on particular fire hazards using mist and foam systems and says it is the No. 3 player in the world behind Tyco and United Technologies.IK did not reveal financial details of the transaction but said the new owners intended to maintain the company as a stand-alone business. Minority owners the Viking family and the company's own management also intend to remain shareholders, it added.

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX fell by 0.7% or $-0.83/share to $118.30. In the past year, the shares have traded as low as $90.30 and as high as $120.66. On average, 3230390 shares of UTX exchange hands on a given day and today's volume is recorded at 2167199.