Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Blackstone, Carlyle consortium reach deal to buy Medline

Published 06/05/2021, 01:36 PM
Updated 06/05/2021, 02:50 PM
© Reuters. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

© Reuters. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

By Chibuike Oguh and Sabahatjahan Contractor

(Reuters) -A consortium of three private equity firms, including Blackstone Group (NYSE:BX) Inc and Carlyle Group (NASDAQ:CG), have signed a definitive agreement to buy a majority stake in medical supplier Medline Industries Inc, sources familiar with the matter have told Reuters.

The deal values Medline at more than $30 billion, excluding debt, the sources said. Medline has an enterprise value of about $34 billion, including borrowings, the sources said.

Medline's current management and founding family, led by Chief Executive Charles Mills, will remain the company's largest single shareholder when the deal is expected to close in the second half of this year, the sources said.

The three buyout firms buying majority of Medline are Blackstone, Carlyle and Hellman & Friedman. The Government of Singapore Investment Corporation (GIC) is also investing in Medline as part of the deal.

© Reuters. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

Northfield, Illinois-based Medline is one of the largest privately-held manufacturers and distributors of medicals supplies such as surgical equipment, gloves, and laboratory devices used by hospitals around the world. The company generated $17.5 billion in revenue in 2020, according to its website.

The Wall Street journal first reported about the transaction.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.