KKR & Co LP, a private equity fund, said it would acquire Crosby Group and Acco Material Handling Solutions from Melrose Industries. The acquisition for the lifting equipment company and specialty material handling equipment manufacturer was priced around USD1 billion, said a Reuters report.

On Sunday, Reuters first reported that KKR and Melrose Industries were close to finalizing an acquisition deal for Crosby Group. According to KKR, the transaction is expected to be closed by the end of the fourth quarter.

KKR's industrials investing team head Pete Stavros said, "Crosby and Acco have long and distinguished histories of providing distributors and end customers with the highest quality products and customer support to meet their lifting and rigging needs."

Oklahoma based Crosby Group has more than 1300 employees globally. Pennsylvania based Acco had around 130 employees.

Rothschild and Simmons & Co International was appointed to be the adviser of KKR for the deal. Meanwhile, Morgan Stanley, UBS Investment Bank and RBC Capital Markets acted as mergers and acquisitions advisers, said a Reuters report.