FRANKFURT German industrial machinery and process engineering group GEA Group (G1AG.DE) 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 (GBFG.DE).
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 cooling towers.
Bloomberg had earlier reported that a sale to Triton was near.
($1 = 0.7238 Euros)
(Reporting by Alexander Huebner and Anneli Palmen; Writing by Victoria Bryan; Editing by Maria Sheahan)