Diversified industrial conglomerate Honeywell International (HON) agreed to buy distribution systems and logistics company Intelligrated for $1.5 billion from a company backed by the Permira funds.
Reuters reported on Thursday that Japan’s Toyota Industries was competing against Honeywell for Intelligrated.
Private equity firm Permira Advisers acquired Intelligrated in 2012 for more than $500 million from Gryphon Investors, another private equity firm.
Intelligrated is expected to record sales of about $900 million this year.
This is a developing story. Fortune will update as news comes in.