M&A Review: Black & Decker Goes To HONG KONG, BP To Divest In RUSSIA

Here are Tuesday’s top mergers and acquisitions:

Stanley Black & Decker, Inc. (NYSE:SWK) purchases Infastech, which is a producer of engineered mechanical fasteners based in Hong Kong, for $850 million, all in cash. The current owners are private equity. Infastech brings annual revenues of approximately $500 million, and generates 40 percent of its sales from Asia-Pac. The transaction should close in the fourth quarter, and is expected to be accretive by 15 cents per share in its first year.

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The Carlyle Group (NYSE:CG) and BC Partners are said to be in joint discussions to acquire United Technologies Corporation’s (NYSE:UTX) industrial divisions, say sources. Talks are already in an advanced stage; such a deal could be worth more than $3.5 billion, but it’s still possible that United Tech could turn to other suitors, such as TPG Capital.

Rosneft Oil Co. (RNFTF.PK) intends to initiate discussions with BP (NYSE:BP) regarding the purchase of the latter’s 50 percent investment in its TNK-BP Russian joint venture. The remaining 50 percent is owned by AAR, which last week indicated that it’s interested in obtaining one half of BP’s interest, offering $10 billion.

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