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Report: Apollo, Carlyle move to final bidding round for Arriva

Private equity giants Carlyle Group LP and Apollo Global Management Inc. are competing to buy Deutsche Bahn AG's European transport business, Arriva PLC, Bloomberg News reported, citing people familiar with the matter.

The two remaining bidders are heading into the final stages to submit binding bids for the U.K.-based business, which could be valued at roughly €3 billion, the same people told Bloomberg.

Lone Star North America Acquisitions LP participated in an earlier round. Deutsche Bahn is still considering an IPO and is "exploring all options," the people reportedly said.

Deutsche Bahn, Germany's state-owned railway operator, announced plans to sell Arriva in March to help pay off debt.

Apollo, Carlyle and Deutsche Bahn representatives declined to comment, Bloomberg said.