Carlyle Agrees To Buy Sequa For $2.7B

Carlyle, the $58.5 billion global private equity firm, has provided a $2.7 billion exit opportunity for the Alexander family from Sequa Corporation. Gail Binderman, chairman of the board of Sequa and daughter of Norman Alexander who set up the company 50 years ago, has agreed to sell all Class A and B shares of Sequa for $175, a 54% premium on the 6 July 2007 closing price. Coincidentally, the executors of the estate of Norman Alexander representing approximately 54% of the outstanding voting power of the Company have entered into a voting agreement in favour of the transaction.