China’s Wanxiang Group in Talks to Buy Apex Tool Group From Bain
(Bloomberg) -- Chinese conglomerate Wanxiang Group Corp. is in talks to acquire power-tools manufacturer Apex Tool Group from Bain Capital, according to people familiar with the matter.
A potential deal could value the U.S.-based Apex at about $2 billion to $2.5 billion, the people said, asking not to be identified because the deliberations are private.
Talks are still ongoing and other bidders remain interested in the asset, the people said. A representative for Bain declined to comment. Wanxiang did not immediately respond to requests for comment by phone and email.
Wanxiang’s businesses range from auto parts manufacturing and clean energy to agriculture, according to its website. It owns electric vehicle firm Karma Automotive LLC as well as A123 Systems LLC, a battery maker for electric vehicles. The group counts more than 20,000 employees.
Bain Capital had been weighing a sale of Apex and drew interest from industry peers and investment funds, Bloomberg News reported in June.
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With assistance from Bloomberg