(Bloomberg) -- Robert Bosch GmbH is nearing a deal to sell some of its security systems operations to private equity firm Triton Partners, according to people familiar with the matter, as the German parts supplier continues to trim its portfolio.
A deal could value the assets at about €700 million ($735 million) and an agreement could be reached as soon as this week, the people said. Discussions are advanced but could still be delayed, said the people, who asked not to be identified because the information is private.
Representatives for Bosch and Triton declined to comment.
A divestment would trim Bosch’s portfolio following its $8 billion agreement to acquire Johnson Controls International Plc’s heating and ventilations assets earlier this year. The company said in October 2023 that it planned to sell most of the building technologies division’s product business, including the video, access and intrusion as well as communications units, in a step that could affect about 4,300 employees. Bosch’s building technology posted a revenue of €2.6 billion last year, according to its website.
Bosch said last month that it plans to cut 5,500 jobs globally, mainly in Germany, as the car industry’s woes ripple through the supply chain. Bosch, the world’s biggest automotive supplier by revenue, will cut positions related to automated driving and car steering products in Germany, according to a statement from the IG Metall union.
Triton has raised more than €18 billion across its three investment strategies, focusing on core sectors of business services, industrial tech and health care. In Germany, the private equity firm owns building ventilation solutions provider FläktGroup and industrial heat exchanger maker Kelvion.
--With assistance from William Wilkes.
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