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BLACKSTONE INC.

(BX)
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Group Including Blackstone Nears Deal to Buy Medline for Over $30 Billion--Update

06/05/2021 | 11:00am EDT

By Cara Lombardo and Miriam Gottfried

A group of private-equity firms including Blackstone Group Inc. is nearing a deal to acquire Medline Industries Inc. that would value the medical-supply giant at more than $30 billion, in one of the largest leveraged buyouts since the financial crisis, according to people familiar with the matter.

The deal could come together as soon as this weekend assuming the talks don't fall apart, the people said. The Blackstone consortium includes Carlyle Group Inc. and Hellman & Friedman LLC. They beat out a rival bid from the private-equity arm of Canadian investing giant Brookfield Asset Management Inc., the people said.

Including debt, the transaction would be valued at about $34 billion, and north of $30 billion excluding borrowings, the people said. That could potentially make it the largest healthcare LBO ever.

Based in Northfield, Ill., family-owned Medline is a little-known but a major player in the field of medical equipment. It manufactures and distributes equipment and supplies used in hospitals, surgery centers, acute-care and other medical facilities in over 125 countries. It has some $17.5 billion in annual sales, according to its website.

Brothers James and Jon Mills founded the company in 1966, taking it public in 1972. The brothers bought back the shares five years later. James's son Charlie has been Medline's CEO since 1997.

The family will remain the single largest shareholder in the company after the buyout and the management team will remain in place, some of the people said.

Write to Cara Lombardo at cara.lombardo@wsj.com and Miriam Gottfried at Miriam.Gottfried@wsj.com

(END) Dow Jones Newswires

06-05-21 1300ET

Stocks mentioned in the article
ChangeLast1st jan.
BLACKSTONE INC. -1.04% 133.63 Delayed Quote.106.19%
BROOKFIELD ASSET MANAGEMENT INC. -1.47% 68.88 Delayed Quote.32.86%
DJ INDUSTRIAL -0.48% 34584.88 Delayed Quote.13.54%
MEDICAL FACILITIES CORPORATION 1.83% 9.47 Delayed Quote.34.52%
THE CARLYLE GROUP INC. 0.55% 51.07 Delayed Quote.62.44%
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Analyst Recommendations on BLACKSTONE INC.
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Financials (USD)
Sales 2021 8 827 M - -
Net income 2021 4 627 M - -
Net Debt 2021 3 917 M - -
P/E ratio 2021 36,0x
Yield 2021 2,42%
Capitalization 87 737 M 87 737 M -
EV / Sales 2021 10,4x
EV / Sales 2022 9,23x
Nbr of Employees 3 165
Free-Float 99,2%
Chart BLACKSTONE INC.
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Blackstone Inc. Technical Analysis Chart | BX | US09260D1072 | MarketScreener
Technical analysis trends BLACKSTONE INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 133,63 $
Average target price 116,68 $
Spread / Average Target -12,7%
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Managers and Directors
Stephen Allen Schwarzman Chairman & Chief Executive Officer
Jonathan D. Gray President, Chief Operating Officer & Director
Michael S. Chae Chief Financial Officer
John Stecher Chief Technology Officer
Jeffrey Iverson Managing Director-Legal & Compliance
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