Bain, Apollo and Lone Star have been shortlisted in the sale of building materials maker Xella, a potential 2 billion euro ($2.18 billion) deal, according to several people close to the transaction.
The three private equity groups have been asked to produce final bids in coming weeks, the people said.
Bankers close to the deal said they were working on debt financings of around 1.5 billion euros or 5.5? times Xella’s annual core earnings of 270 million euros.
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