BERLIN, May 16, 2024 (BSS/AFP) - Siemens said on Thursday it will sell its large motors and drives business Innomotics to private US equity firm KPS Capital Partners for 3.5 billion euros.

"The Managing Board and Supervisory Board of Siemens AG have approved the sale of Innomotics - a world-leading electric motors and large drives company - to KPS Capital Partners," Siemens said. "The purchase price (enterprise value) is 3.5 billion euros".