Private equity circles Siemens' water tech unit -sources

Published on August 14, 2013 06:20 by Water Network Research, Official research team of The Water Network in Business

Siemens AG is hoping to fetch as much as $700 million in the auction of its water technologies unit and is seeking second-round bids by the middle of August, several people familiar with the matter said this week.

Platinum Equity LLC, Centerbridge Partners LP and Golden Gate Capital LLC are among the private equity firms preparing to submit offers, the sources said.

The unit generated $1.3 billion in revenue in 2012, and most private equity firms estimate its earnings before interest, tax, depreciation and amortization to be between $70 million and $80 million, the sources added.

The sources asked not to be identified because details of the auction are confidential.

Siemens and its financial adviser on the sale, Goldman Sachs Group Inc, declined to comment. Platinum and Golden Gate declined to comment, while a spokesman for Centerbridge did not respond to a request for comment.

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