Cinven is partnering with the Abu Dhabi Investment Authority to make a possible joint bid for KKR & Co. Inc.-owned scientific measurement and testing company LGC Group, Bloomberg News reported, citing people familiar with the matter.
The private equity owner has initiated a formal auction for LGC, with first-round bids expected by the week of Oct. 7, sources said. Cinven and the sovereign wealth fund engaged a financial adviser for their potential bid, they added.
LGC, which offers independent chemical and bioanalytical measurements, could be sold for more than $2 billion, including debt, the people told the news outlet.
Abu Dhabi Investment Authority, Cinven and Advent representatives did not comment on the matter, while a KKR representative did not immediately answer a request for comment, according to Bloomberg.
