Blackstone Nears $4 Billion Deal for MacLean Power Systems
TL;DR
Blackstone is close to acquiring MacLean Power Systems for over $4 billion, beating out competitors like ABB. The deal, which could be announced soon, reflects growing investor interest in the power sector driven by AI and data center demand.
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Blackstone Inc. is nearing an acquisition of MacLean Power Systems in a deal that could value the utility-parts maker at more than $4 billion, according to people familiar with the matter.
The private equity firm may announce a purchase of MacLean from Centerbridge Partners as soon as next week, the people said, asking not to be identified discussing confidential information.
Blackstone beat out other suitors including ABB Ltd., with the Swiss industrial giant deciding against increasing its offer for MacLean, some of the people said.
While discussions are at an advanced stage, they could still be delayed or falter, the people said. Representatives for Blackstone, Centerbridge and ABB declined to comment. A spokesperson for MacLean couldn’t immediately be reached for comment.
Fort Mill, South Carolina-based MacLean provides anchoring systems, grounding products and other components for electric power transmission and distribution, according to its website. Centerbridge acquired a majority stake in the company in 2022.
Surging electricity demand is driving investor interest in the US power sector and related businesses, as corporations invest massive amounts of money to build data centers to develop artificial intelligence.
Blackstone has been investing heavily across the AI ecosystem. In 2023, it acquired Power Grid Components Inc., a maker of parts for electrical substations. That deal followed its 2021 purchase of Sabre Industries Inc., a company that designs and manufactures components for electrical utilities.