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Report: PE firms in race to buy KKR-backed British scientific testing company

Private equity firms are in the running to acquire KKR & Co. Inc.-owned LGC Group Holdings PLC, Reuters reported, citing people close to the matter.

JP Morgan was tapped to handle the auction of the British scientific measurement and testing company, which could be valued at between £2 billion and £2.5 billion, including debt, in a sale, sources said.

Blackstone Group Inc., Advent International Corp. and Leonard Green & Partners LP reached the second round of bidding for the business, they added. Cinven, which teamed up with sovereign wealth fund Abu Dhabi Investment Authority, also made it to the second round.

The buyout firms did not comment on the matter or were not immediately available for comment, the news outlet reported.