Bain Capital is looking to sell microconnections division of French electrical connectors maker FCI in a deal worth up to $1 billion, Reuters reported. Buyout firms Blackstone, Carlyle Group, TPG Capital and Kohlberg Kravis Roberts & Co. are among those who may be approached to buy the business, Reuters said.
(Reuters) – Bain Capital has hired investment banks to sell a unit of French electrical connectors maker FCI in a deal worth up to $1 billion, sources with direct knowledge of the matter told Reuters on Monday.
Sources said private equity funds, including Blackstone , Carlyle Group [CYL.UL], Kohlberg Kravis Roberts & Co [KKR.UL] and TPG [TPG.UL] were among parties that may be approached to buy the business.
The microconnections division of FCI, which makes micro circuits used in devices like smart cards, derives around two thirds of its 200 million euros ($287 million) annual revenue from Asia, according to FCI’s website.
A connector transmits electrical power or electronic signals between two devices and provides the vital link between electrical components.
Bain declined to comment, while FCI was unavailable. Sources declined to be identified as the discussions were private.
All buyout funds mentioned in this story either declined to comment or were not available.
(Additional reporting by Simon Meads; Reporting by Stephen Aldred; Editing by Denny Thomas)
($1 = 0.6963 euro)