May 11, 2014 / 8:30 PM / 3 years ago

Cinven to sell French diagnostics business for 1 billion euros: FT

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(Reuters) - Private equity firm Cinven CINV.UL is looking to sell its French diagnostics business Sebia in a deal expected to be worth around 1 billion euros ($1.38 billion), the Financial Times reported.

The London-based group will appoint an advisor to manage the sale in the next few weeks, the British newspaper said, quoting two people with knowledge of the plan.

Private equity groups and trade buyers are expected to put in bids for Sebia, which makes testing equipment for identifying diseases such as blood cancer.

Sebia's earnings before interest, taxes, depreciation, and amortization have increased by an average 10 percent annually since it was acquired by Cinven for 800 million euros in 2010.

($1 = 0.7269 Euros)

Reporting by Tasim Zahid in Bangalore

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