Buyout group BC Partners has sold German transformer maker SGB-SMIT to peer investor One Equity Partners, after failing to reach a deal to merge it with the power transformer unit of French electrical components maker Schneider Electric.

Terms of the private transaction were not disclosed, but two people close to the matter said on Monday said that the company was valued at just below 700 million euros ($759.36 million)including debt.

SGB-SMIT posted earnings before interest, tax, depreciation and amortization of 80 million euros on sales of 730 million euros in 2016.

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