(AP) -- Danaher Corp. and Cooper Industries say they will sell a tool making business they created two years ago as a joint venture for about $1.6 billion to private equity firm Bain Capital.
Danaher is an industrial and medical equipment manufacturer based in Washington, D.C. Cooper is headquartered in Ireland and makes electrical components and tools.
The companies announced in March 2010 that they would blend some of their tool making businesses into a joint venture named Apex Tool Group. They completed the deal a couple months later and have each kept a 50 percent ownership interest.
Danaher says the price of the sale of the joint venture is subject to post-closing adjustments, but it expects to see after-tax net proceeds of about $650 million.
The sellers expect the deal to close in the first half of next year.