|Bid||0.00 x 44200|
|Ask||0.00 x 100000|
|Day's Range||105.76 - 107.78|
|52 Week Range||58.77 - 120.66|
|Beta (5Y Monthly)||1.22|
|PE Ratio (TTM)||24.28|
|Forward Dividend & Yield||3.90 (3.63%)|
|Ex-Dividend Date||Feb 06, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Carlyle Group Inc. is nearing an agreement to acquire Siemens AG’s Flender mechanical drive unit for about 2 billion euros ($2.4 billion), according to people familiar with the matter.The U.S. buyout firm and the German engineering giant are finalizing terms of the deal, which could be announced as early as this week, the people said, who asked not to be identified because discussions are private.Carlyle outbid Canada’s Brookfield Asset Management Inc. in the end, the people said. Talks could still be delayed or fall apart. Representatives for Siemens, Carlyle and Brookfield declined to comment.Siemens had been exploring a sale as well as a spinoff of the Flender business, which it bought from Citigroup Inc. in 2005. The unit makes gears and transmissions used in everything from cement production and shipbuilding to beermaking and offshore oil extraction. The company’s flagship products are 150-ton transmissions that connect wind turbine blades to generators.A disposal of Bocholt, Germany-based Flender would mark one of the final acts by Siemens’s Chief Executive Officer Joe Kaeser to turn the industrial manufacturing giant into a more manageable entity for his successor Roland Busch. Last month, the company listed Siemens Energy AG, whose technology is behind roughly one-sixth of the world’s electricity.Siemens declined as much as 0.9% in early Frankfurt trading on Monday, valuing the company at about 93 billion euros.Kaeser had said he’d be “happy to listen” to any options for the Flender business beyond the initially planned spinoff, in an interview with Bloomberg TV in August.The European industrials sector has been a bright spot for dealmakers in a drab year for mergers and acquisitions. There have been $124 billion worth of European transactions involving industrials companies so far in 2020, according to data compiled by Bloomberg. That’s 3% up on the same period in 2019.(Updates with Siemens shares in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Private equity company Carlyle Group Inc (NASDAQ: CG) is nearing a $2.4 billion deal to acquire Flender group -- a unit of Siemens AG (OTC: SIEGY), according to Bloomberg. If finalized, the terms of the agreement could be released as early as this week.What Happened: Carlyle outbid Brookfield Asset Management Inc (NYSE: BAM) for the Siemens mechanical drive unit, Bloomberg reported. Triton Capital Partners and CVC Capital Partners were the other contenders seeking to acquire Flender, according to Reuters.Flender's valuation, based on its €200 million EBITDA, is forecasted around €1.6 billion to €1.8 billion.Why Does It Matter: In May, Bloomberg reported that Siemens was exploring the prospects of a spinoff for the Flender unit, simultaneously with a potential sale deal.With expertise in mechanical drive technology, Flender manufactures gears units, couplings, and transmissions with an extensive portfolio, including businesses like offshore oil extraction and shipbuilding.Siemens acquired Flender in 2005 for €1.2 billion (approximately $1.5 billion) from Citigroup Inc (NYSE: C).Price Movement: Carlyle stock closed 0.72% lower at $27.46 and Siemens OTC shares quoted 1.85% higher on Friday at $71.71.Photo courtesy: FlenderSee more from Benzinga * Click here for options trades from Benzinga * Blackstone Agrees To Buy Simply Self Storage From Brookfield In .2B Deal: WSJ * Daimler's Generates High Free Cash Flow in Q3, Revises Q4 Outlook(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Siemens and Carlyle are finalizing terms of the deal that could be announced as early as this week, the report said. Last week Siemens had asked Triton, Carlyle, CVC and Brookfield to submit final offers next week for the business, which has earnings before interest, tax, depreciation and amortization of just above 200 million euros and could be valued at 8-9 times that, according to sources.