Mergers and Acquisitions: Bain To Buy Apex Tool Group, BP Sells To Rosneft
These were Thursday’s top stories:
Bain Capital is said to be in final discussions to purchase Apex Tool Group from Danaher Corporation (NYSE:DHR) and Cooper Industries, plc (NYSE:CBE) for a price between $1.5 billion and $1.8 billion, in a deal that could be reached within several days. Apex is one of the world’s largest makers of hand and power tools, and produces Lufkin measuring tapes, Crescent wrenches, along with tools for Sears’ Craftsman brand.
BP (NYSE:BP) is in talks to divest its 50 percent investment in TNK-BP to Rosneft Oil Co. for between $10 billion and $15 billion in cash and a minimum of 12.5 percent of the latter’s shares, according to the Kommersant financial daily reports. Other reports say that to fund its acquisition, Rosneft will try to raise from $15 billion to $20 billion in debt from both foreign and Russian banks.
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