07:19 AM EDT, 03/19/2026 (MT Newswires) -- 3M ( MMM ) and Bain Capital agreed to acquire Madison Fire & Rescue from Madison Industries for $1.95 billion, according to statement from 3M ( MMM ) on Thursday.

As part of the deal, 3M ( MMM ) and Bain Capital will establish a new joint venture that will combine with Madison Fire & Rescue. 3M ( MMM ) said it will contribute its Scott Safety unit to the venture, receive $700 million in cash proceeds upon closing and own a 50.1% stake in the venture, with Bain Capital holding 49.9%.

The acquisition of Madison Fire & Rescue is expected to close in H2, 3M ( MMM ) said.