Blackstone, Danaher team up again in $1.5bn-plus Ashland water tech bidding


water spring_lrgPrivate equity giant Blackstone has reportedly teamed up with industrial conglomerate Danaher to bid for the water technologies unit of chemical maker Ashland.

The deal could be worth more than $1.5bn according to Reuters, which cited two people familiar with the matter.

Blackstone and Danaher are already believed to be in partnership in the bidding for Johnson & Johnson diagnostics unit Ortho Clinical.

Reuters said the partnership could give it an edge in the latest auction, which is said to include Apollo Global, Bain Capital, TPG, Onex Corp, Advent International, Rhone Group, Clayton Dubilier & Rice and the private equity arm of Goldman Sachs.

All those firms are through to the second round of bidding, it added.

US private equity firm TPG paid $930m for Ashland’s global distribution business in November 2010.

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