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Investing.com -- Blackstone Inc. is close to acquiring MacLean Power Systems in a deal that could value the utility-parts maker at more than $4 billion, according to reporting from Bloomberg, citing people familiar with the matter.
The private equity firm may announce the purchase from current owner Centerbridge Partners as early as next week, the sources said, requesting anonymity as the information is confidential.
Blackstone emerged as the winner after outbidding other interested parties, including Swiss industrial giant ABB Ltd., which reportedly decided against increasing its offer for MacLean.
While the negotiations have reached an advanced stage, the sources cautioned that the discussions could still face delays or potentially fall through.
Fort Mill, South Carolina-based MacLean Power Systems provides anchoring systems, grounding products, and other components for electric power transmission and distribution. Centerbridge Partners acquired a majority stake in the company in 2022.
As for Blackstone, the acquisition continues a trend of investment into different facets of the power distribution industry, spurred by the rise of AI energy needs. The company’s stock rose 1.6% in trade on Wednesday following the report.