Daily News: February 10, 2014

JPMorgan, Others Commit Financing to Support IL Tool Acquisition

Reuters reported that private equity firm Carlyle Group has agreed to buy Illinois Tool Works’ industrial packaging unit for $3.2 billion.

According to Reuters , Carlyle prevailed over a rival bidder consortium comprised of Onex Corporation and Canada Pension Plan Investment Board.

Carlyle was said to have secured committed debt financing from JPMorgan Chase, Goldman Sachs, Bank of America Merrill Lynch, Barclays, Citigroup and Credit Suisse.

Kirkland & Ellis is legal advisor to Carlyle, while Latham & Watkins advised Illinois Tool Works on the transaction, Reuters said.

To read the entire Reuters story, click here.