AEA beat fellow private equity firm American Industrial Partners in the last round of bidding, said Reuters, citing two people familiar with the deal.
The business posted an EBITDA of between $70m and $80m on revenues of $1.3bn last year, according to estimates from bidders.
According to earlier reports, private equity firms Platinum Equity, Centerbridge Partners and Golden Gate Capital expressed interest in acquiring the unit.
Siemens has previously said that it planned to divest of certain non-core business units.
In July this year it was reported that Siemens had received offers from private equity firms Gores Group, Platinum Equity and Triton for its postal and baggage management arm.
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