Astorg and Montagu say to buy French firm Sebia from Cinven

LONDON, June 2 Mon Jun 2, 2014 8:38am EDT

LONDON, June 2 (Reuters) - European private equity firms Montagu and Astorg said on Monday that they would buy French medical diagnostics company Sebia from private equity firm Cinven after entering into exclusive negotiations.

Terms of the deal were not disclosed, but Les Echos newspaper said earlier on Monday that it was in excess of 1 billion euros ($1.4 billion), adding that the firms had beaten off competition from Swedish fund Nordic Capital to clinch the deal.

Cinven bought Sebia from Montagu for around 800 million euros in 2010. ($1 = 0.7328 Euros) (Reporting by Freya Berry and Claire Ruckin at IFR; editing by Clare Hutchison)