Platinum Equity to Buy Caterpillar Unit Stake for $750 Million

Platinum Equity LLC agreed to acquire a 65 percent stake in Caterpillar Inc. (CAT)’s third-party logistics unit for about $750 million.

Caterpillar will retain a 35 percent interest in the business, the Peoria, Illinois-based company said today in a statement. Other details of the sale of Caterpillar Logistics Services LLC weren’t disclosed. The transaction is expected to be completed in the third quarter.

Caterpillar, the world’s largest manufacturer of construction and mining equipment, is selling the controlling stake in the business to concentrate on expanding its “core” business, the company said. The third-party logistics unit works with customers to cut their distribution costs.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net