FRANKFURT, April 15 German industrial machinery
and process engineering group GEA Group will sell its
heat exchangers division to investor Triton for more than 1
billion euros ($1.4 billion), two sources familiar with the
matter told Reuters.
Private equity investor Triton has therefore beat out a
rival consortium made up of buyout group EQT and industrial
services group Bilfinger.
GEA said the sale was progressing according to its internal
planning, which had aimed for a deal by the summer, declining to
provide further details. Triton and EQT declined to comment.
The heat exchangers division, GEA's second-largest business
by revenue but last year defined as non-core, makes equipment
for a wide range of applications from air conditioning to
Bloomberg had earlier reported that a sale to Triton was
($1 = 0.7238 Euros)
(Reporting by Alexander Huebner and Anneli Palmen; Writing by
Victoria Bryan; Editing by Maria Sheahan)