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Blackstone in business negotiations for Polymer Group

Private equity firm looking to buy non-woven material maker

11 August 2010

Blackstone Group is locked in business negotiations with rival private equity firm MatlinPatterson, it has been revealed.

The company is looking to purchase the Polymer Group from MatlinPatterson, who hold a majority stake in the non-woven material maker.

MatlinPatterson has been seeking to sell the group for months and Blackstone even acted as a sales adviser during this time.

It means Blackstone has acted as mergers and acquisition adviser and a potential buyer for the same deal.

Shares in Polymer rose by 12 per cent to $22.30 (£14.20) following the announcement of the potential deal, which values the company at around $478.5 million (£305 million).

Polymer Group develops non-woven materials which are used in disposable nappies, food packaging and disposable wipes.

The company claims to be the world's largest maker of non-woven medical fabrics and acquired Johnson & Johnson's medical non-woven unit in 1995.

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