January 30, 2020 / 1:33 PM / a month ago

Triton emerges as a front runner to clinch Renk - source

BERLIN, Jan 30 (Reuters) - Triton has emerged as a front runner to clinch the purchase of Volkswagen’s transmissions unit Renk, a source familiar with the matter told Reuters.

Volkswagen is selling Renk as part of a broader review of its assets and Triton, which is being advised by Goldman Sachs, as well as private equity firm EQT, are among the potential bidders, two sources familiar with the matter told Reuters.

Renk makes gearboxes used in tanks as well as standard gears, gears for ships and slide bearings.

Bids could give Renk an enterprise value of around 700 million euros ($772 million), people close to the matter have said previously.

Volkswagen declined to comment.

Bloomberg was first to report that Triton has emerged as a front runner to buy Renk.

Reporting by Arno Schuetze in London, Jan Schwartz in Hamburg and Edward Taylor in Berlin; editing by Madeline Chambers

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