FRANKFURT, June 30 (Reuters) - German lighting group Osram has started talking to potential buyers of its lamps business as it prepares an auction process that would allow it to focus on automotive lighting and components, people familiar with the matter said.
Osram has mandated UBS to help it chose the best option for the business, estimated to be worth up to a maximum of 1 billion euros ($1.1 billion) including debt, the people said. The company confirmed it had hired UBS for the task.
The lamps business is currently being carved out, and the people said an official sales process may launch later this year.
They added that Osram had been in informal talks with potential buyers since announcing the carve-out in April, including peers in China, who are seen as likely to be particularly interested in Osram’s European and North American sales channels and brands.
$1 = 0.8954 euros Reporting by Arno Schuetze; Additional reporting by Georgina Prodhan and Deena Yao; Editing by Ludwig Burger