Caterpillar Inc. said Wednesday it has completed the $750 million sale of the majority stake in its third-party logistics business to Platinum Equity.
Under the deal, which was first announced in May, Caterpillar sold a 65% stake in Caterpillar Logistics Services to Platinum Equity, a private equity firm. Caterpillar retains a 35% stake.
Platinum will establish the business as a standalone company under a new brand that will be announced at a later date, Caterpillar said in a statement.
The sale does not impact Caterpillar’s manufacturing logistics and transportation operations and Cat brand parts distribution, which will continue as core businesses within Cat Logistics.
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