Banks are reportedly preparing a debt funding package of up to €600m for the acquisition of French private equity-backed construction group Materis‘ industrial mortars business Parax.
A deal could value the unit, which has an EBITDA of €99m, at around €1bn, said Reuters, citing banking sources.
The sale is expected to be completed in the first half of 2014 with first round bids due around October 7, said the people.
Wendel, which bought Materis in 2006, is looking to sell part of its business to reduce its debts, which currently amount to €1.9bn.
Last month the firm hired BNP Paribas and Rothschild to advise on the deal.
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