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A consortium of private equity groups, included Black rock and Carlyle, is about to acquire medical supply group Medline for about $ 34 billion, including debt, in what would be the biggest purchase of the year, people reported on the issue.
The group of financial investors is expected to announce a deal soon, said one person who has direct knowledge of it.
The transaction would be the largest purchase involving a private equity investor club since the 2007 financial crisis. It would be ranked as one of the largest private equity deals in history, behind the $ 44 billion purchase of the American energy group TXU Corporation in 2007.
Blackstone, which has also partnered with Hellman & Friedman in the deal, outperformed other purchasing group consortia, including one involving Bain Capital and CVC and another led by Brookfield.
Medline, founded in 1966 by Jim and John Mills, is one of the largest manufacturers of medical supplies. Now the family business is run by Charles Mills.
In 2018, Blackstone agreed to its biggest deal since the financial crisis by raising $ 17.3 billion to take a controlling stake in Thomson Reuters ’financial terminals and data business. The Pension Plan Investment Board of Canada and the Singapore state fund GIC helped fund the deal.
Club offers were popular in the years preceding the financial crisis, as they allowed private equity groups being exposed to ever-increasing transactions. They came to an abrupt end after the crisis, as credit dried up, but have recently gained strength.
The Wall Street Journal first reported on the potential deal.
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