Private equity firms eye Philips chip unit

Three groups of private-equity firms are weighing bids of more than 8 billion euros ($10.2 billion) for Philips Electronics NV's semiconductor unit, The Wall Street Journal reported on Sunday.

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Final bids for the unit, which makes chips for consumer electronics, car and household appliances, are due by the end of the week, the newspaper said.

Private equity firms Kohlberg Kravis Roberts & Co. has teamed with Silver Lake Partners, while Permira Advisors is bidding with Texas Pacific Group and Blackstone Group. The final team consists of Bain Capital Inc., Apax Partners and Francisco Partners Management, the WSJ said in its online division.

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Philips, a Dutch company, said last month it would sell or launch an initial public offering of the chip business by late 2006. The unit had sales of 4.62 billion euros ($5.8 billion) last year.

Philips and the private equity firms could not be immediately reached for comment.