Feb 18 (Reuters) – Volkswagen has attracted bids from top private equity funds including Blackstone, EQT and CVC for its diesel engine division Everllence, the Financial Times reported on Wednesday, citing people familiar with the matter.
Everllence, which produces shipping engines and heat pumps, is being valued at between 5 billion euros ($5.92 billion) and 6 billion euros by prospective buyers, the report added.
A Volkswagen spokesperson said the company was reviewing strategic options for the business but declined to comment further.
A move to divest Everllence, the rebranded former MAN Energy Solutions, could allow the German carmaker to focus more on its core automotive business as it navigates steep tariffs, stiff competition from China and a costly pivot to electric vehicles.
The deadline for first-round bids in the sales process for Everllence ended late on February 12, according to sources familiar with the matter.
One source said Japanese machinery manufacturer Yanmar was also planning to make an offer.
Volkswagen parent Porsche SE, which was also reported to be considering a bid, declined to comment on the matter on Wednesday.
($1 = 0.8445 euros)
(Reporting by Devika Nair in Bengaluru, Alexander Huebner in Munich, and Rachel More and Christina Amann in Berlin;Editing by Elaine Hardcastle)
Comments