Bain Capital is in discussions to offload MIC, a unit of French electrical connectors maker FCI, to Astorg Partners for more than €600 million, The Wall Street Journal reports. Other bidders included French private equity firm Axa Private Equity.
The sale process is being managed by Goldman Sachs and Citigroup. FCI was acquired by Bain from French energy company Areva for €1.07 billion in 2005. MIC makes micro connectors used in devices, such as smart cards and circuits used in the automotive, communications, data and consumer markets.
Click here for the story from The Wall Street Journal.