UPDATE 1-Canada's Onex in talks to buy UK survival firm Survitec - Bloomberg

Tue Dec 2, 2014 5:26pm EST
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Dec 2 (Reuters) - Canadian buyout firm Onex Corp is in talks to buy a UK safety and survival equipment maker from Warburg Pincus LLC for about 450 million pounds ($704 million), Bloomberg reported, citing three people with knowledge of the discussions.

The two private equity firms are negotiating a price for Survitec Group Ltd and a deal is expected before the end of the month, Bloomberg reported. (bloom.bg/1zMvE48)

Private equity firms were preparing to submit final bids for Survitec, Thomson Reuters Loan Pricing Corp reported early last month.

Survitec provides survival products from life jackets to anti-gravity suits to the marine, aviation and defense industries among others.

Warburg Pincus declined to comment. Onex and Survitec were not available for comment.

Warburg Pincus bought from Survitec from private equity group Montagu in 2010 for 280 million pounds and has been looking to sell the company for 500 million pounds, Reuters reported earlier this year.

The Bloomberg report comes about a fortnight after Onex said it would buy Swiss packaging group SIG Combibloc Group AG for up to 3.57 billion euros. ($1 = 0.6398 pounds) (Reporting By Shubhankar Chakravorty in Bengaluru; Editing by Savio D'Souza)