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Siemens chooses five bidders for Yunex division


© Reuters. FILE PHOTO – The logo for the German industrial company Siemens can be seen in Zurich (Switzerland), January 30, 2019. REUTERS/Arnd Wiegmann//File Photo

BERLIN (Reuters), – Siemens selected five potential bidders to its Yunex Traffic mobility signalling division and gave them until Christmas for an offer.

According to the report, Cubic (NYSE) is one of five potential bidders. It belongs to Veritas Capital, Evergreen Coast Capital, Italian toll operator Autostrade, financial investors KKR, Bridgepoint and Czech investment group PPF.

It stated that the offer ranges from 600 to 550 millions euros and it cited several sources who were familiar with this matter. This business has 600 million euro ($726 mil) in annual revenues and is present in 40 different countries.

Siemens stated by email that they had no comments.

In preparation for possible sales, the German engineering company Yunex Traffic changed the name to Yunex Traffic’s mobility signalling unit from Siemens Intelligent Traffic Systems in February.

Siemens has focused on simplifying the business of its divisions over recent years. It has separated and floated energy and equipment to make it a technology company that is more focused and less dependent on conglomerate discounts.

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