The private equity firm Bain Capital agreed on Wednesday to buy the hand and power tools business Apex Tool Group for $1.6 billion.
Apex Tool, which makes brands like Lufkin, Crescent and Belzer, is a joint venture between Danaher Corporation and Cooper Industries. Under the terms of the deal, Danaher said it would earn $650 million from the acquisition.
Apex Tool was created as a joint venture between Danaher and Cooper in 2010. It currently employees more than 8,000 people worldwide and has revenues of approximately $1.5 billion, according to the company website.
Cooper Industries is going through its own ownership change. Eaton Corporation agreed to buy the company for $11.8 billion in May.
The deal is the latest for Bain Capital, which was co-founded by the American presidential candidate Mitt Romney. Earlier this year, Bain agreed to buy a 50 percent stake in of one of Japan's biggest television shopping companies for more than $1 billion.
< p>The acquisition of Apex Tool is expected to close during the first half of next year. Goldman Sachs advised Apex Tool on the deal.