(Bloomberg) -- Cinven is nearing a deal to acquire Bayer AG’s pest control business, according to people with knowledge of the matter. 

The private equity group beat out other investment firms for the Environmental Science Professional unit, the people said, asking not to be identified discussing confidential information. A deal could be announced as soon as the coming week, the people said. 

Bayer has been seeking a value of about 2 billion euros ($2.3 billion) for the business, Bloomberg News reported last year. As with all deals, talks could still be delayed or fall apart, the people said.

A representatives for Bayer couldn’t immediately comment while Cinven declined to comment.

German-listed Bayer is selling ESP, which provides pesticides that can be used to combat rodent and insect infestations, as well as kill weeds and maintain lawns, in order to focus on its core agricultural operations. ESP also offers a digital pest management system.

The unit had attracted interest from suitors including CVC Capital Partners and Brookfield Asset Management Inc., though some decided to drop out of the process, the people said.

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