Goldman Sachs has agreed to acquire tire and wheel industry tool distributor Myers Industries for approximately $794 million.

Shareholders will receive $22.50 a share in cash, a premium to the stock's recent price. The transaction has already been approved by the Myers board of directors. The deal includes the assumption or repayment of $276 million in debt.

Myers, which employs more than 4,500 people, makes more than 20,000 products at 29 plants in North and South America. The company posted a loss of $72.4 million last year when accounting for results from a European division that was sold in February.

Goldman Sachs, the world's biggest securities firm, said Monday that it closed the largest-ever buyout fund, worth $20 billion in commitments. Investments in companies and real estate have been the fastest-growing revenue source for Goldman in the last two years, bypassing trading and merger advice.

Goldman Sachs Group Inc.'s buyout unit agreed to acquire Myers Industries Inc., the largest wholesale distributor of tools for the U.S. tire and wheel industry, for about $794 million.

Stockholders in the Akron, Ohio-based company will receive $22.50 a share in cash, 4.6 percent more than yesterday's closing price. The transaction, which was approved by the Myers board of directors, includes the assumption or repayment of $276 million in debt, the companies said today in a statement.

(Continue reading this story on Bloomberg)

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