Swedish private equity firm EQT AB could mandate an investment bank as adviser for the sale of facilities manager Apleona by the end of 2019 or early 2020, Reuters reported, citing people close to the matter.

EQT eyes an at least 11x earnings multiple for what it paid for the business in 2016.

An auction for the former unit of industrial services group Bilfinger could start in the first quarter of 2020, the people told Reuters, adding that EQT has not made a final decision on an exit.

EQT could sell Apleona to other private equity firms or to Apleona's peers including CBRE, Cushman & Wakefield, and Jones Lang Lasalle, the people said.

EQT declined to comment, Reuters added.