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STOCKHOLM, April 25 (Reuters) - British private equity group3i is in discussions to sell pharmaceutical companyXellia which could fetch around 750 million euros ($974.66million), two sources familiar with the matter said.
The sources said talks were at an advanced stage and that adeal with a strategic buyer could happen soon. One of the peoplesaid Linklaters was acting as legal adviser to 3i. The sourcesdeclined to be identified because the discussions were private.
A 3i spokesperson was not available for comment. Linklatersdid not immediately return a request for comment.
3i has closed offices, cut staff and prepared asset sales inan extensive restructuring programme under new CEO Simon Borrowswho took the helm in May last year. It is aiming to reduce debtto below 1 billion pounds by June, from 1.2 billion at the endof 2012.
3i has already made several exits this year, includingselling plastic equipment maker Mold-Masters for $963 million.It is also looking to sell ferry group Scandlines,which it owns together with Allianz Capital Partners
Xellia is based in Oslo and employs more than 850 people,with production facilities in Norway, Denmark, Hungary andChina, according to its website. It focuses on anti-infectivetreatments and has sales in over 70 countries.
Xellia was created in 2008 when 3i bought NYSE-listedAlpharma's active pharmaceutical ingredients business for 258million euros.
