Charterhouse Capital Partners LLP is contemplating the bid amounting to GBP1 million or USD1.6 billion for G4S Plc cash solutions business. This was confirmed by three people familiar with the negotiations.

The London based private equity firm had approached a number of banks as well as its own investors for financing to cover the acquisition costs. G4S is the world's biggest security services provider and according to one of the sources, all of whom sought anonymity due to the private nature of the discussions, had already discussed the acquisition internally.

G4S is a Crawley, England based securities company and the bid has not been formally discussed with the offeror Charterhouse. There have been no discussions as to the engagement of a required external advisor for the sale. The company's main businesses are providing transportation for cash through the use of highly secure vehicles as well as managing automated teller machines. G4S may even decide against the sale, according to another source.

Previously, G4S, under new CEO Ashley Almanza, had sold off its Canadian cash-solutions unit and Colombian data business services. The moves were designed to manage debt and revamp the company after recent events had its reputation cut down. Amongst the security issues were the company's failure to provide enough security personnel for the London Olympics under then CEO Nick Buckles. There is also a Serious Fraud Office investigation being conducted as to overcharging allegedly committed by the firm for its electronic tagging of prisoner.