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UPDATE 1-United Tech sells industrial units for $3.46 bln
July 25, 2012 / 10:45 PM / 5 years ago

UPDATE 1-United Tech sells industrial units for $3.46 bln

NEW YORK, July 25 (Reuters) - United Technologies Corp reached a $3.46 billion deal to sell industrial businesses of its Hamilton Sundstrand subsidiary to private equity firms Carlyle Group LP and BC Partners Ltd, the companies said on Wednesday.

United Tech Chief Executive Louis Chenevert put three units, including the Hamilton Sundstrand industrial businesses, on the block in an effort to fund the diversified U.S. manufacturer’s $16.5 billion takeover of Goodrich Corp.

Reuters reported on Monday that two buyout firms had teamed up and were in advance discussions to buy the pump and compressor businesses within Hamilton Sundstrand in a deal that could be valued at around $3.5 billion.

Hamilton Sundstrand makes fluid control products and pumps under the Milton Roy and Sundyne brands. It also manufacturers air compressors under the Sullair brand.

Citigroup and RBC Capital Markets advised BC Partners and Carlyle on the deal, which is subject to regulatory approval and customary closing conditions. Citigroup, Credit Suisse , Deutsche Bank, Morgan Stanley, RBC Capital Markets and UBS are providing debt financing. (Reporting by Soyoung Kim and Greg Roumeliotis in New York; Editing by Leslie Adler)

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