ITW gets private equity bids for $3 bln-plus unit: sources - Reuters

At least six major private equity groups are competing to buy the industrial packaging segment of Illinois Tool Works Inc, in a deal that could fetch more than US$3 billion, people familiar with the matter told Reuters. Carlyle Group LP, Blackstone Group LP, Apollo Global Management LLC, Bain Capital LLC, Ares Management LLC and a consortium of Onex Corp and the Canada Pension Plan Investment Board (CPPIB) are among the firms that advanced to the second round of bidding, the people said. Illinois Tool Works announced in September it was initiating a process to sell the industrial packaging unit, as the conglomerate continues to streamline its diversified business lines.

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