Smiths Sells Airport Scanner Unit to CVC at £2 Billion Value

Smiths Group Plc agreed to sell its unit that makes airport security scanners to private equity firm CVC Capital Partners at an enterprise valuation of £2 billion ($2.7 billion).

The UK engineering conglomerate expects to receive net cash proceeds of about £1.85 billion in the sale of the Smiths Detection business, according to a statement. The company said it plans to return “a large portion” to shareholders, after announcing a £1 billion stock buyback in November.