NEW YORK/PARIS Aug 6 Avago Technologies Ltd
is close to buying Schneider Electric SA's
U.S.-based sensors subsidiary, according to three people
familiar with the matter, a deal that could fetch around $1
billion for the French conglomerate.
Avago, a chip maker that began as Hewlett-Packard Co's
components division in the 1960s, is in exclusive talks
to buy Schneider's Custom Sensors & Technologies unit after
beating out a private equity consortium comprising Carlyle Group
and PAI Partners in the auction, the people said.
Avago, jointly headquartered in San Jose, California, and
Singapore, was spun off from Agilent Technologies in 2005,
which itself had been carved out of HP in 1999.
The Schneider subsidiary is valued at around $1 billion, one
of the people close to the deal said on Monday. Other people
previously said the unit could be worth more than $1 billion.
A Schneider spokeswoman declined to comment, while Avago did
not return calls for comment.
All the sources asked not to be identified because the
matter is not public.