(Bloomberg) -- CRH Plc, one of the world’s biggest building materials companies, is nearing a deal to sell its Oldcastle Building Envelope unit to buyout firm KPS Capital Partners for about $3.8 billion, people with knowledge of the matter said.

Dublin-based CRH and the New York-based private equity firm could announce an agreement as soon as this week, said the people who asked not to be identified because negotiations are private. While KPS is poised to beat out several other suitors, talks could still be delayed or fall apart, the people said.

A representative for CRH declined to comment and KPS didn’t immediately respond to a request for comment.

CRH, which has a market capitalization of about $34 billion, began a sale process last year for Oldcastle, which generates around $300 million in annual earnings before interest, taxes, depreciation, and amortization, the people said at the time. The unit makes glass building products for projects ranging from storefronts and building entrances to shower enclosures and skylights. 

Chief Executive Officer Albert Manifold has helped build CRH into a leading European and North American provider of materials and services used for buildings and roads through serial transactions. The company, whose roots go back to the merger of two Irish companies in 1970, had revenue of more than $27 billion and over 76,000 employees in 29 countries, according to its website.

CRH is scheduled to present full-year 2021 earnings on March 3.

The decision to sell Oldcastle comes during a rush of proposed building products deals, driven by private equity firms. Clayton, Dubilier & Rice earlier this month made an offer to buy the outstanding shares of publicly traded Cornerstone Building Brands Inc. while investment firm Strategic Value Partners agreed to buy Associated Materials in January. 

KPS makes controlling equity investments in manufacturing and industrial companies and had $13.1 billion of assets under management as of December 31, according to its website. 

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