FRANKFURT, March 17 German industrial machinery
and process engineering group GEA has picked four
final bidders for its heat exchangers division in a potential
1.2 billion euros ($1.6 billion) deal, three people familiar
with the matter said.
A consortium comprising EQT and industrial services group
Bilfinger, as well as Permira, Onex and Triton have
been asked to hand in final bids by an early April deadline, the
The Heat Exchangers division, GEA's second-largest business
by revenue, makes equipment for a wide range of applications
from air conditioning to cooling towers.
But GEA last year described the business as non-core and as
offering limited synergies with its five other divisions - Food
Solutions, Farm Technologies, Mechanical Equipment, Process
Engineering and Refrigeration Technologies.
The potential buyers are mainly interested in the air
conditioning and industrial cooling applications, but less so in
the power plant-related sub-unit, the sources said.
GEA, EQT, Bilfinger, Permira and Triton declined to comment,
while Onex was not immediately available for comment.
($1 = 0.7181 euros)
(Reporting by Arno Schuetze; Editing by Mark Potter)