Carlyle Buys Manufacturing Conglomerate

The deals keep a-coming:

Carlyle Group is buying Sequa Corp., a diversified manufacturer, in a transaction valued at $2.7 billion.

Sequa has operations organized around units serving aerospace, automotive, metal coating, specialty chemical, industrial machinery, and other products

Under the terms of the deal, Carlyle will acquire all of the outstanding Class A and Class B shares of Sequa for $175.00 per share in cash, a premium of 54 percent to the closing prices on July 6.

Sequa said in a release: "Under the terms of the merger agreement, Sequa may solicit acquisition proposals from third parties until August 23, 2007. The transaction is expected to close in the fourth quarter of 2007. The acquisition will be financed through a combination of equity contributed by investment funds affiliated with Carlyle and external debt financing provided by Lehman Brothers, Citigroup and JP Morgan. The completion of the transaction is not contingent upon Carlyle obtaining financing."

By Dan Beyers  |  July 9, 2007; 8:00 AM ET  | Category:  Carlyle
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