Platinum Equity Grabs $750M Majority Stake In Caterpillar Unit

Law360, New York (May 10, 2012, 1:27 PM EDT) -- Illinois-based Caterpillar Inc. has sold off a majority stake in one of its logistics divisions to California-based private equity firm Platinum Equity LLC for $750 million, in a deal that is expected to help the equipment maker focus on its core businesses, it said Thursday.

Per the carve-out transaction, Platinum will pick up a 65 percent stake in third-party business Caterpillar Logistics Services LLC, with the Peoria, Ill.-based manufacturing behemoth holding on to the rest of the shares. Platinum has agreed to continue to provide logistical...
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