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 for an undisclosed amount.

Electricity demand in the US is surging amid the construction of data centers to power artificial intelligence and a broader electrification of the economy. A deal for MacLean would mark the latest big bet by Blackstone in the space.

Blackstone’s infrastructure arm agreed to buy New Mexico utility owner TXNM Energy Inc. for about $5.7 billion earlier this year. In 2023, the firm acquired Power Grid Components Inc., a maker of parts for electrical substations, and in 2021 purchased of Sabre Industries Inc., a company that designs and manufactures components for electrical utilities.

https://finance.yahoo.com/news/blackstone-nears-4-billion-deal-163343014.html