Blackstone nearing deal for CRH's European distribution arm

US investment fund Blackstone Group is reportedly nearing a deal for CRH’s European distribution arm, according to Bloomberg.

A deal could be announced as soon as this week, it is reporting, in a deal that could be valued at €1.7 billion.

Blackstone beat out other private equity bidders for the business, which sells products such as roof tiles, flooring and plumbing supplies for builders, Bloomberg reports.

Representatives for CRH and Blackstone declined to comment.

CRH, which has attracted the attention of activist investor Cevian Capital, said last year that it was weighing options for the European distribution unit, part of a more sweeping overhaul to generate cash for acquisitions.

Source: The Irish Times

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