Colfax to Sell Division to KPS Capital for $1.8B, Reuters Says
A sale of Colfax’s air and gas unit to KPS Capital would help pay down debt from the DJO Global acqusition from Blackstone Group
(Bloomberg) -- Colfax Corp. is nearing a deal to sell its air and gas handling division to KPS Capital Partners for more than $1.8 billion, Reuters reported, citing people it didn’t identify because the negotiations were confidential.
The sale could be announced as soon as this week, Reuters said. Representatives for Colfax and KPS didn’t respond to a request from Reuters for comment.
Colfax, based in Annapolis Junction, Maryland, makes valves and welding equipment. It has a market capitalization of $3.18 billion, according to data compiled by Bloomberg.
The company recently acquired DJO Global Inc. from private equity giant Blackstone Group LP for $3.15 billion in cash to gain a foothold in the market for orthopedics devices. A sale of its air and gas unit to private equity company KPS would help pay down debt from the DJO Global purchase, according to Reuters.
To contact the reporter on this story: Shoko Oda in Tokyo at soda13@bloomberg.net
To contact the editors responsible for this story: James Ludden at jludden@bloomberg.net, Virginia Van Natta, Fion Li
©2019 Bloomberg L.P.