CORRECTED-UPDATE 1-Danaher, Cooper to sell tools JV to Bain Capital

(Corrects paragraph 4 to show Apex was formed in 2010, not 2012)

Oct 10 (Reuters) - Danaher Corp and Cooper Industries said they will sell their hand and power tools joint venture, Apex Tool Group, to Bain Capital for about $1.6 billion.

Danaher and Cooper each own a 50 percent stake in Apex, which makes Crescent wrenches, Lufkin measuring tapes and hand tools for Sears Holdings Corp's Craftsman brand.

Danaher and Cooper, which is in the process of being acquired by Eaton Corp for $11.8 billion, formed Apex by combining their tool businesses.

Apex's annual revenue is about $1.5 billion, according to its website. The joint venture was formed in July 2010 and employs about 8,000 people across 30 countries.

Danaher said it will receive $650 million in net proceeds from the sale, which is expected to close in the first half of 2013.

Reuters reported in September that Bain, the private equity firm co-founded by U.S. presidential candidate Mitt Romney, was close to buying Apex, prevailing over Platinum Equity LLC and American Securities LLC in an auction.

(Reporting by A. Ananthalakshmi in Bangalore; Editing by Saumyadeb Chakrabarty)

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