MAPLEWOOD (dpa-AFX) - 3M Co. (MMM), a provider of diversified technology services, on Thursday said it agreed to acquire Madison Fire & Rescue in partnership with Bain Capital Specialty Finance, Inc. (BCSF), for $1.95 billion and form a new joint venture focused on fire safety and rescue solutions.
The transaction is expected to close in the second half of 2026.
Under the agreement, 3M will contribute its Scott Safety business to the venture, receive $700 million in cash proceeds at closing and hold a 50.1% stake, while Bain Capital will own 49.9%.
The new entity will combine Scott Safety's self-contained breathing apparatus solutions with Madison Fire & Rescue's portfolio of rescue technology and fire suppression products.
Madison Fire & Rescue offers products under brands including Holmatro, Amkus, Task Force Tips, Fire Fighting Systems and Waterax.
On Wednesday, Bain Capital closed trading 0.32% lesser at $12.27 on the New York Stock Exchange.
In the pre-market trading, 3M Co. is 0.19% lesser at $144.81 on the New York Stock Exchange.
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