Swedish kit maker reportedly hires banks to review business, find a buyer.

Ericsson inched closer to selling its media division this week, after reportedly tapping two banks to manage the process.

Sources cited by Bloomberg late on Tuesday said that the Swedish kit maker has hired Morgan Stanley to review the business, and Goldman Sachs to find a buyer.

According to the newswire, private equity firms, and technology and media companies have expressed interest in the unit, which could fetch $534 million (€479.18 million).

Ericsson’s Media Solutions business provides media processing, delivery, managed TV services, and TV platforms to customers based around the globe.

In March, Ericsson CEO Börje Ekholm announced a strategic review of the media arm as part of a major restructuring to focus more closely on networks, OSS/BSS and IoT.

In line with that strategy, Ericsson this week agreed to sell its power modules business to Flex, which, among other things, provides power supply equipment for a range of products, including PCs, workstations and servers.

Approximately 300 staff will transfer to Flex; the transaction, which is subject to customary closing conditions, is expected to close in the third quarter. Financial terms were not disclosed.