| 6:26 PM EST

TI Automotive Close to $2 Billion Sale


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TI Automotive is close to agreement to sell itself to Bain Capital Partners LLC for as much as $2 billion, sources tell Bloomberg News.

The Auburn Hills, Mich.-based supplier of automotive fluid handling systems is currently owned by a group of hedge funds led by Oaktree Capital Group LLC and Duquesne Capital Management LLC. They acquired the company in 2007 in a debt restructuring.

Talks between Bain and TI Automotive resumed earlier this month after stalling in November over price, according to Bloomberg. Its sources say Bain is lining up as much as $1.6 billion in debt to complete the purchase.

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