Mergers and Acquistions News
Categories: Hardware
August 8th 2011, 16:00PM
The final bids on Bain Capital's sale of FCI are due today (August 8th), it has been reported.
According to Reuters, the $1 billion (£609 million) sale of the French electrical connectors manufacturer is "gathering pace" and there are several interested parties.
It is thought the results of the sale will be announced this week, with Goldman Sachs and Citigroup organising the transaction.
Astorg Partners, Axa Private Equity, Unitas Capital, Blackstone, Carlyle Group and TPG are all considered to be potential buyers.
Sources told the news provider that the deal will be financed through a leveraged buyout and some of the associated banks include ING, Lloyds and Royal Bank of Canada.
Last month, FCI picked up the 2010 Supplier Excellence Award from TTI and was judged on its delivery performance, the quality of its customer service, operational support, business systems and field relationships.
Kohlberg Kravis Roberts & Co was previously considered to be the preferred buyer for the deal, but has now withdrawn from the bidding process, Reuters stated.
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