Siemens Aktiengesellschaft (XTRA:SIE) is set to sell its motors and large drives business Innomotics to US investment firm KPS Capital Partners, LP for EUR 3 billion (USD 3.24 billion), German newspaper Handelsblatt reported on May 15, 2024. The potential deal may be revealed as soon as May 16, 2024 when Siemens is publishing its first-quarter financial results, the paper said citing financial sources. Reportedly, Siemens was advised on the transaction by French bank BNP (BNP Paribas SA), while KPS had Lazard (Lazard Inc.) and Bank of America (Bank of America Corporation) by its side.

According to the sources, the valuation of Innomotics is roughly ten times its earnings before interest, taxes, depreciation, and amortisation (EBITDA). The firm was the largest remaining business within companies that Siemens no longer considers part of its core operations.