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Tyco Waterworks Sale Underway

LONDON (Reuters) – Tyco International (TYC.N) has put its German water-valve and flow-control unit Tyco Waterworks up for sale, three banking sources said on Friday.

First round bids were due last week and a number of private equity firms are looking at it, the sources said.

With earnings before interest, tax, depreciation and amortisation of around of 25-26 million euros ($34 million), the buyout could see financing of around 75-100 million euros including term and undrawn facilities, assuming leverage of three to four times, one of the sources said.

Tyco International was not immediately available for comment.

Tyco Waterworks supplies the water and sewage industry with components and has four core brands Erhard, Frischhut, Schmieding and Strate. (Reporting by Alasdair Reilly and Tessa Walsh, editing by Will Waterman) ($1=.7346 Euro)