GS Acquisition, led by former Honeywell CEO David Cote, is in discussions to buy US backup power equipment company Vertiv, sources told Reuters. The price could reach more than $5 billion, including debt.

GS Acquisition raised $690 million in an initial public offering in 2018 to make an acquisition but it did not let investors know which company it will buy.

The special purpose acquisition firm could use the money raised, along with debt financing, to buy Vertiv from Platinum Equity. The talks are still ongoing, the sources said, adding that is no certainty a deal will materialize.

According to those familiar with the matter, other potential bidders expressed interest in acquiring Vertiv. When approached by Reuters, the potential target declined to comment. Platinum Equity and Goldman Sachs did not immediately respond to comment requests.

Platinum Equity bought Vertiv three years ago for $4 billion becoming the largest completed by the buyout firm. In 2018, Reuters reported that the private equity company has retained Goldman Sachs and JPMorgan Chase to explore a sale of Vertiv.

Vertiv is a manufacturer and maintenance provider of backup power and other safety systems to data centers and communication networks. It was a unit of Emerson Electric, which kept a minority stake in the company.

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