Citigroup Approaches Lenders to Fund Ecolab’s $4.8 Billion Deal

Citigroup Inc.is approaching other lenders to join a roughly $4.8 billion financing backing Ecolab Inc.’s purchase of CoolIT Systems Inc., according to people with knowledge of the matter.

The deal will likely involve selling investment-grade bonds, the people said.

Ecolab, a St. Paul, Minnesota-based company that provides water and hygiene services to commercial and industrial businesses, announced earlier this month its plan to buy CoolIT from funds managed by KKR & Co. for $4.75 billion in cash.

CoolIT develops cooling technology for AI data centers.

Citi declined to comment while Ecolab did not immediately respond to a comment ...