(Bloomberg) -- China’s Creat Group Corp. is nearing the sale of German blood-plasma supplier Biotest AG to Grifols SA of Spain, according to people familiar with the matter.

The companies could announce an agreement as soon as Friday, the people said, declining to be identified because the information is private. Biotest is currently valued at about 1.39 billion euros ($1.64 billion). Talks could still be delayed or fall apart, the people said.

Creat owns about 90% of Dreieich, Germany-based Biotest’s common stock, while the firm’s preferred shares are held by other investors, according to data compiled by Bloomberg.

Barcelona-based Grifols, which has a market value of almost 12 billion euros, has been expanding in the U.S. and Asia through plasma-related acquisitions over the last several years. 

Creat is also in advanced talks to sell its U.K.-based blood-plasma firm Bio Products Laboratory Ltd. in the coming weeks, some of the people said. A private equity consortium of Bain Capital and Advent International has been pursuing the asset, which has also attracted interest from rival buyout firm Permira, Bloomberg News reported previously. 

Representatives for Creat, Biotest, Grifols and BPL couldn’t be immediately reached for comment outside regular business hours.

The two transactions, if reached, would see the Chinese group unwind a large part of a series of overseas acquisitions that began in 2016. Creat also owns a stake in domestic blood plasma firm Shanghai RAAS Blood Products Co. 

Creat’s shopping spree was upended when it drew scrutiny from the Committee on Foreign Investment in the U.S., which first forced it to sell Biotest’s U.S. operations.

Earlier this year, Creat offloaded BPL’s U.S. plasma centers. The sale of the U.S. activities hurts the overall scale of Creat’s blood plasma business and undermines the strategic rationale for the acquisitions, the people said. North America historically accounts for about half the global blood plasma market, according to Biotest data.

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