York International Inc. has agreed to be...

York International Inc. has agreed to be acquired by an investor group financed by Citicorp’s venture capital unit in a deal valued at about $750 million. Under the agreement, the group, known as York Holdings Corp., would begin a $57.50-a-share tender offer for about 9.1 million common shares of York International by July 1. All remaining shares will be exchanged for subordinated debentures at a rate equal to $57.50 a share. The buyout announcement ends several months of speculation that York International’s management was either trying to sell the company or seeking to take it private. York, Pa.-based York International makes air conditioners.