GEA will try to coax investors into buying the diverse sub units of its heat exchanger business as a whole. To do so, the German industrial group may have to offer discounts with regard to peer valuation.

The company's plate heat exchangers business, which was used mainly for food and drink production, will probably attract attention and sell easily. On the other hand, its equipment for heating, ventilation, and air conditioning would have lower interest and be harder to sell. This was due to its strong ties to the cyclical construction industry. Furthermore, the banker said that "cooling towers will be a tough sell."

GEA hoped to be able to sell the heat exchanger unit at more than Eur1.3 billion (US$1.7 billion), according to three anonymous sources who were familiar with the matter.

GEA will probably approach several investors as per the advice of Deutsche Bank. These investors included Blackstone, Permira, Cinven, CVC, First Reserve, and Advent, said the sources.