ABB and Schneider Electric are two of the power majors that have reportedly reached the second round of bidding for a $700m cleantech asset.
Beijing Leader & Harvest Technologies, a manufacturer of energy-saving equipment, is up for sale and has drawn strong international interest, according to a report in Reuters. The company is currently owned by Affinity Equity Partners and Unitas Capital.
Both ABB and Schneider Electric told NewNet they were not ‘able to comment on market rumours’ but sources familiar with the deal said they were two of the six global and local buyers who had made it to the second round.
If Schneider proves victorious it will be its second major deal in a matter of days after agreeing to acquire software specialist Telvent to increase its smart grid capabilities.
Swiss business ABB has also been on the acquisition trail in recent months and in March acquired a 35 per cent stake in Novatec Solar, with an option to take 100 per cent control in the future.
Penetrating China’s burgeoning cleantech market is now an ambition of many, and control of Beijing Leader & Harvest Technologies would give the owner a strong foothold in the country’s energy efficiency market.
According to Reuters, Deutsche Bank is also running a dual-track sale and initiating the initial public offering process for the company.
