The original version of this article was edited to omit information about UTC’s entire Fire Safety & Security business unit, which may not be involved in the negotiations reported by Bloomberg, and to include information from a September Reuters report that states UTC is exploring the sale of Chubb Fire & Security.
United Technologies Corp., which has a portfolio of businesses that span geographies, markets and customer relationships, is exploring the sale of its Chubb Fire & Security division, according to a Sept. 24 report by Reuters.
Bank of America Corp. has been hired by United Technologies to run an auction for Chubb, which was acquired by the company for about $1 billion in 2003, according to Rueters. A Bloomberg report, which didn’t specify Chubb but stated that a UTC fire safety and security business is being auctioned, said that the auction could garner about $3 billion, and offers from Apax Partners and PAI Partners, plus a joint bid from Eurazeo SE and Rhone Capital, are being considered.
No final decision has been made in regard to who will purchase the company, and UTC may still decide against a sale, according to Bloomberg. Representatives for United Technologies have yet to respond to SDM's requests for comment.
United is considering this sale as it completes a $23 billion deal for Rockwell Collins, which will create a large aerospace business, according to Bloomberg. The company agreed to sell Taylor Co., an ice cream machine unit, for $1 billion earlier this year.