Intense private equity interest in a $3bn buyout of Illinois Tool Works‘ industrial packaging business will reportedly see four firms fight it out to pick up the asset.
Apollo Global Management, Platinum Equity, Carlyle and Onex Partners are all preparing to submit final bids by the February 3 deadline according to Dow Jones, which cited people familiar with the matter.
Last November it emerged that Carlyle, Blackstone, Apollo, Bain Capital, Ares and a consortium of Onex and the Canada Pension Plan Investment Board were all into the second round of bidding.
ITW began a sale process for the segment of the company in September to streamline its diversified business lines.
The deal is expected to value the business at around £500m and will likely be announced later this month according to Reuters.
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