(Bloomberg) — Amphenol Corp. is among groups vying for control of Schneider Electric SE’s industrial automation and control unit, which could be valued at about $1 billion, people familiar with the matter said.
The Wallingford, Connecticut-based industrials firm is into the second round of bidding for the former Telemecanique business, the people said, asking not to be identified discussing confidential information.
Others through to the next round of bidding include private equity firms Cerberus Capital Management, Lone Star Funds, KKR & Co.
and PAI Partners, according to the people. Taiwan-based electronic component manufacturer Yageo Corp. has also been studying the asset, they said.
Deliberations are ongoing and no final decisions on a sale of the business have been taken, the people said.
Representatives for Cerberus, KKR, PAI and Schneider declined to comment, while spokespeople for Amphenol, Lone Star and Yageo couldn’t immediately be reached for comment.
The Telemecanique unit, which can trace its origins back to 1924, makes products including sensors, switches and signaling devices for the industrial, infrastructure and building sectors.
It was purchased by French industrial conglomerate Schneider in 1988.
The potential sale forms part of Schneider Chairman and Chief Executive Officer Jean-Pascal Tricoire’s plan to offload non-core businesses and channel more investment into products that help companies with the shift to digitalization.
Amphenol, led by President and Chief Executive Officer Richard Adam Norwitt, has been an active buyer of businesses in recent years.
It agreed to buy sensor technologies firm MTS Systems and fiber optic components maker Halo Technology Ltd.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
