AXA Private Equity operates as a private equity firm with USD28 billion assets under its management. The company had considered selling its natural ingredient maker Diana in a transaction that could be valued up to EUR1 billion. This was according to a Financial Times report, citing people familiar with the transaction.

The Paris based company with an international reach across Europe, North America and Asia had asked JP Morgan Chase & Co. to advise on the sale. This was according to sources who told the Financial Times.

Private equity firms including Blackstone, Cinven, BC Partners, PAI Partners and Charterhouse Capital Partners had been planning to submit indicative bids for Diana. The auction was scheduled to start the early next year, said sources who told FT.

Diana had generated EUR415 million in revenue last year which made the nutritional ingredients for the food and pharmaceutical industries.

AXA Private Equity, JP Morgan and other potential bidders for the deal were not immediately available for comment.