Finnish facility manager Caverion is among bidders for the industrial services business of German engineering group Voith, a deal worth potentially 300 million euros ($328 million), two people familiar with the matter said.
Caverion teamed up with German private equity group DBAG and the consortium has been shortlisted alongside German buyout group Triton, the people said.
A decision on the buyer is expected in January, they said.
Banks are offering loans of about 100 million euros to back the buyout, one of the sources said.
Voith, Caverion, DBAG and Triton declined to comment.
Unlisted Voith employs 18,000 staff in maintenance and assembly services for the auto, energy and chemicals industries. The company is aiming to catch up with a technological shift in manufacturing from mechanical and electrical to digital systems.
It wants to focus on the so-called Industrial Internet, through which traditional supply chains are being turned into business networks capable of capitalising on the latest digital trends.
Selling the industrial services business would free up capital for planned investments.
The business up for sale had sales of 1.2 billion euros last year and had earnings before interest, tax, depreciation and amortisation of 38 million euros, or 45 million euros excluding certain one-offs.