Blackstone, Warburg Pincus and Nordic Capital are among the private equity firms competing to acquire a stake in French diagnostics company Sebia, in a deal that could value the business at around €5bn, according to a report by Bloomberg.

The report cites unnamed people familiar with the matter as highlighting that the process follows Canada’s Caisse de Dépôts et Placement du Québec’s decision to sell its 40% stake, which it acquired from Astorg in 2017. Other shareholders, including CVC Capital Partners and Tethys Invest, may also weigh partial or full exits depending on bid structures. Non-binding offers were submitted on 22 September.

Hellman & Friedman and TPG are also considering offers, with scenarios ranging from a minority stake sale to a full buyout. In the event of a majority deal, bidders are exploring financing packages of around €2bn, with banks preparing term loans of about €1.5bn and private credit funds expected to provide additional payment-in-kind (PIK) facilities. Leverage could reach eight to nine times EBITDA, based on Sebia’s estimated €250–300m earnings.

If a minority deal proceeds, existing debt is likely to remain in place, with the option of add-on facilities to the current structure.

Sebia provides diagnostic equipment and reagents to over 120 countries.