On Wednesday, banker BB&T (NYSE: BBT ) revealed that its private-equity arm, BB&T Capital Partners, has sold aftermarket power transmission services provider Cline Acquisition to Rexnord (NYSE: RXN ) . Financial terms were not, however, disclosed.
Privately held investment banker Quarton Partners is said to have advised BB&T on the deal.
Rexnord recently announced that it, too, was on the block for possible sale. In a press release Monday, the industrial manufacturer confirmed that its board of directors had begun considering "strategic alternatives to enhance shareholder value" -- Wall Street code for "looking for someone to sell the company to." Rexnord said it had hired Goldman Sachs (NYSE: GS ) to seek out parties interested in buying "one or both of its business platforms."
These two moves being at apparent cross-purposes, investors looked askance at the company's decision to go shopping while trying to simultaneously shop itself, and they bid Rexnord shares down 3.3% in Wednesday trading. Rexnord shares closed at $20.30.
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