Private equity firm Platinum Equity LLC is in advanced talks to purchase PrimeSource Building Products Inc, the largest distributor of screws and nails in the United States, from Itochu Corp, according to people familiar with the matter. A deal will likely value PrimeSource at between $800 million and $900 million, the people said on Thursday. An agreement may be reached as early as next week, though it is still possible that the negotiations will fall apart, the people added.The sources asked not to be identified because the negotiations are confidential. Platinum Equity declined to comment, while an Itochu spokesman did not respond to a request for comment.Reuters reported in November that Itochu, a Japanese trading house, had hired investment bank JPMorgan Chase & Co in an effort to sell PrimeSource for more than $1 billion.Based in Irving, Texas, PrimeSource distributes building materials for the residential, commercial and industrial construction markets. It has 42 distribution centers throughout the United States and Canada and more than 1,200 employees.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.12% or $-0.07/share to $59.54. In the past year, the shares have traded as low as $52.97 and as high as $63.49. On average, 18002700 shares of JPM exchange hands on a given day and today's volume is recorded at 14039131.
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