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Report: Blackstone, Cinven may bid for Smiths Group's medical division

Blackstone Group Inc., Cinven Ltd. and other private equity firms are considering bids for Smiths Group PLC's medical division Smiths Medical Inc., Bloomberg News reported, citing anonymous sources.

The firms are reaching out to banks regarding potential offers, the sources told Bloomberg News.

London-based conglomerate Smiths Group, which develops technology for a wide array of global markets such as security and defense, oil, gas, space and commercial aerospace markets, expects to complete the separation of its medical-devices business during the first half of 2020.

Nothing has been finalized yet, and the private equity firms may end up deciding against a transaction, according to the news outlet.

Smiths Group rejected ICU Medical Inc.'s £2.8 billion bid for the medical division in September 2018.

Smiths Medical makes medical devices and equipment for hospital, emergency, home and specialist environments. Its sales were £885 million with an operating profit of £152 million for the year ending July 2018, Bloomberg News noted.