HONG KONG, March 6 Spain's Savera Group, which
earns most of its revenue in China, is seeking a buyer for
around 70 percent of itself, in a sale valuing the company at up
to $500 million, people familiar with the matter told Reuters.
The maker of tracks used to guide elevators is working with
financial adviser Business Development Asia (BDA) and is
targeting private equity buyers, said the people, who declined
to be identified because the sale is confidential.
BDA has sent sales documents to potential buyers including
Carlyle Group and TPG Capital Management, the
The first round bids is due at the end of March, they said.
Savera, founded in 1967, earns more than 80 percent of its
revenue from China, said one of the people who has seen the
Savera and BDA did not respond to requests for comment.
Carlyle and an external spokesman for TPG declined to comment.