Report: Agfa-Gevaert shops HIT unit

October 23, 2019 By Brad Perriello Leave a Comment

More than two years after announcing plans to spin out its HIT division, Belgian graphics giant Agfa-Gevaert (EBR:AGFB) is reportedly putting the business on the auction block.

In August 2017 the Brussels-based company began planning the establishment of the HIT division as a stand-alone business within Agfa-Gevaert. Yesterday the company began accepting bids in an auction brokered by JP Morgan, Reuters reported, citing “people close to the matter.”

The HIT business is slated to reap core profits this year of about $56 million (€50 million), according to the unnamed sources, who said the valuation could be as high as 14 to 15 times that, or some $673 million (€750 million), according to the wire service.

German rival CompuGroup, which broke off its courtship of Agfa-Gevaert in December 2016, and Dedalus Healthcare Systems are said to be expected to bid on the business. Private equity shops such as KKR, Permira and Advent could also make offers, according to the Reuters sources.

($1 = €0.8975 euros)

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