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Monday, November 3, 2014

United Biscuits close to being sold to Turkey's Yildiz Holding-source, (NYSE: BX)

United Biscuits' private equity owners are close to sealing a deal to sell the UK-based cookies and snacks maker to Turkey's Yildiz Holding for about over 2 billion pounds ($3 billion), including debt, a source familiar with the matter told Reuters. Yildiz, a food and beverages maker which owns Ulker Biskuvi , had said in September that it was interested in investing in Jaffa cakes maker United Biscuits.United Biscuits' PE owners, Blackstone Group LP and PAI Partners, and Yildiz could announce a deal as soon as Monday, the source said.PAI and United Biscuits declined to comment. Blackstone and Yildiz were not immediately available to comment.If successful, Yildiz would have, according to various media reports, beaten breakfast cereal maker Kellogg Co, Jammie Dodgers and Wagon Wheels maker Burton's Biscuit Co and Chinese private equity firm Hony Capital to the deal. ($1 = 0.63 pounds)

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.21% or $0.36/share to $30.12. In the past year, the shares have traded as low as $25.60 and as high as $36.08. On average, 4781010 shares of BX exchange hands on a given day and today's volume is recorded at 6827212.