Adelaide-based Legend Corporation is set to ink a deal with private equity outfit Adamantem, which has tapped industry stalwart Gary Uren to run the group.
ASX-listed Legend was placed in a trading halt on Thursday after speculation of a deal became public.
Dataroom understands the parties are nearing a transaction of about $100 million to take the global electrical, IT and semiconductor firm private.
Sources said Mr Uren, who has more than 30 years experience in the electrical and electronics manufacturing sector, would run a privatised Legend should the deal secure the backing of shareholders.
He was formerly the managing director of Legrand in Australia before undertaking various strategic and regional leadership roles internationally with Tyco and Atkore International, a portfolio company of Clayton Dubilier and Rice.
The proposed acquisition is Adamantem’s second public-to-private transaction and will mark the fund’s sixth investment since launching in 2017.
Legend designs, manufactures and distributes products and accessories to electrical, power, rail, mining and telecommunications end markets.
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