Siemens is hoping to receive as much as $700 million (£452m) in the auction of its water technologies unit and is seeking second-round bids by the middle of this month, Reuters has reported.
Platinum Equity LLC, Centerbridge Partners LP and Golden Gate Capital LLC are among the private equity firms preparing to submit offers, sources told Reuters.
The unit generated $1.3 billion in revenue in 2012, its earnings before interest, tax, depreciation and amortization is estimated to be between $70 million and $80 million.
The Siemens water technologies unit offers products ranging from conventional water treatment to emergency water supply and water disinfection systems.
The German giant announced its intention to divest its water technologies unit last November to focus on more profitable assets, but intends to remain in the water industry through its automation products. The sale has attracted interest from several Japanese firms as well as fellow German company Bilfinger.
Siemens and its financial adviser on the sale, Goldman Sachs, have declined to comment.
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