Siemens Plans to Sell Its Innomotics Unit to KPS for $3.25 Billion, Handelsblatt Reports
--Siemens plans to sell its large motors business Innomotics to U.S. private-equity firm KPS Capital Partners for around $3.25 billion, German newspaper Handelsblatt first reports, citing unnamed sources close to the matter.
--The deal will be officially communicated on Thursday, according to Handelsblatt.
--KPS invests primarily in industrial companies and was advised by U.S. asset manager Lazard and Bank of America for the sale of Innomotics.
--Siemens declined to comment when approached by Dow Jones Newswires. KPS Capital Partners didn't immediately respond to requests for comment.
Full story in German: https://bit.ly/3wDzIwR
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
May 15, 2024 06:45 ET (10:45 GMT)
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