FRANKFURT, May 9 (Reuters) - German engineering group Voith has agreed to sell its industrial services business unit to buyout group Triton to free up capital for planned investments into digitalised offerings.
Voith and Triton said they would not comment further on details of the contract, but a person familiar with the matter said that the business was sold at a valuation of roughly 300 million euros ($342 million) including debt.
Voith will retain a 20 percent stake.
Unlisted Voith employs 18,000 staff in maintenance and assembly services for the auto, energy and chemicals industries. It is aiming to catch up with a technological shift in manufacturing from mechanical and electrical to digital systems.
It wants to focus on the so-called Industrial Internet, through which traditional supply chains are being turned into business networks capable of capitalising on the latest digital trends.
The business being sold to Triton had 2014 sales of 1.2 billion euros last year and earnings before interest, tax, depreciation and amortisation of 45 million euros excluding certain one-offs.
Triton prevailed against a competing offer from Finland’s Caverion and German private equity group DBAG . ($1 = 0.8776 euros) (Reporting by Arno Schuetze; Editing by Georgina Prodhan)