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Smiths Group eyes £2bn-plus medical unit sale

3 Jun 2013

hospital_health_medical_170sqFTSE 100 engineering group Smiths is reportedly in talks to offload its medical division, which has previously drawn interest from private equity firm Apax.

Smiths hopes the business, which participated in the conception of the world’s first test-tube baby, will fetch more than £2bn, said the FT, citing people familiar with the talks.

One of the sources said the price has not been agreed and Smiths has not taken a firm decision to sell the business.

Two years ago Apax made a £2.45bn offer for the unit, which Smiths said at that time was not in shareholders’ interests as it did not reflect its value.

US-based healthcare group CareFusion is believed to be one of the potential suitors.

Apax has recently been reported to be among potential bidders for venture capital-backed Octo Telematics, which could be sold for £600m.

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