Goldman Sachs Group Inc's private equity arm and takeover firm Rhone Capital LLC are nearing a deal to acquire logistics services provider Neovia Logistics LLC for more than $1 billion, including debt, according to people familiar with the matter. Goldman Sachs' and Rhone Capital's consortium has prevailed over a rival bid from private equity firm Blackstone Group LP , the people said on Wednesday. The deal is expected to be finalized later this month, the people added.The sale of Neovia comes just two years after private equity firm Platinum Equity LLC acquired a 65 percent stake in the company from Caterpillar Inc, leaving the industrial conglomerate with a 35 percent interest.The sources asked not to be identified because the deal talks are confidential. Representatives for Neovia, Platinum Equity, Caterpillar, Goldman Sachs and Rhone Capital did not immediately respond to requests for comment, while Blackstone declined to comment.Neovia runs a third-party logistics business that helps companies cut distribution costs in sectors ranging from automotive and mining to electronics and healthcare. The Downers Grove, Illinois-based company has more than 96 facilities in 25 countries, according to its website.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.7% or $-0.22/share to $31.43. In the past year, the shares have traded as low as $24.50 and as high as $36.08. On average, 4397760 shares of BX exchange hands on a given day and today's volume is recorded at 1822169.
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 fell by 1.75% or $-1.77/share to $99.43. In the past year, the shares have traded as low as $81.87 and as high as $111.46. On average, 4303120 shares of CAT exchange hands on a given day and today's volume is recorded at 2354842.
The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 1.75% or $-3.2936/share to $184.52. In the past year, the shares have traded as low as $151.65 and as high as $188.58. On average, 2471930 shares of GS exchange hands on a given day and today's volume is recorded at 1298085.
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