FRANKFURT -- German automaker Volkswagen has put its information technology arm Gedas up for sale and had offers valuing the business at up to 500 million euros ($603 million), a German newspaper said on Wednesday.
VW has hired the French investment bank Lazard to handle the sale, German daily Financial Times Deutschland said in a summary of an article to appear in its Thursday edition.
The paper said that a number of parties had expressed interest including Deutsche Telekom subsidiary T-Systems and British private-equity firm Apax and that offers had been made worth between 250 million euros and 500 million euros.
"Three to four bidders will go into the next round," the newspaper quoted a source familiar with the situation as saying. It said that VW wants a deal done this year.