King & Spalding is advising our client, 3M (NYSE: MMM), in its definitive agreement to acquire Madison Fire & Rescue, in partnership with Bain Capital. 3M and Bain Capital will establish a new joint venture in which 3M will contribute its Scott Safety business, receive $700 million of cash proceeds upon closing and own 50.1% of the new company with Bain Capital owning 49.9%.

The joint venture will hold the combined Scott Safety and Madison Fire businesses. 3M and Bain Capital will acquire Madison Fire & Rescue from Madison Industries for $1.95 billion. The transaction is expected to close in the second half of 2026, subject to customary closing conditions.

The King & Spalding team advising 3M includes Erik Belenky, Connor Ciepluch, Kristen Landers, Jerome Hughes, Rachael Bissett, Hap Shashy, Sue Moon, Michael Bennett, Joe Eisert , Zaheer Tajani, Jake Downing, Mary Kennedy, Sydney Lampard, Wes Benter, Laura Huffman, Scott Petty, John Carroll, Brian Meiners, Raphaël Fleischer, Steve Cave, Lauren Horneffer, Todd Holleman, Keith Townsend, Zack Davis, Ara Dungca and Mark Hanley.

A press release announcing the transaction can be found here.