Cinven Limited and Advent have teamed up to bid in an auction that could value Nestle Skin Health S.A. at about CHF 7 billion ($7 billion), three sources familiar with the matter said. Other companies like The Blackstone Group L.P. (NYSE:BX), KKR & Co. Inc. (NYSE:KKR), The Carlyle Group L.P. (NasdaqGS:CG), CVC Capital Partners Limited, EQT Partners AB and Partners Group Holding AG (SWX:PGHN) are also expected to bid and might look for partners, according to the sources, who declined to be identified as the process is private.

Information memorandums on the skin health business sale, being run by Credit Suisse and Evercore, are expected to be sent by the end of January and first-round bids are likely to be submitted in early March, the sources said. Nestlé S.A. (SWX:NESN) and all the funds declined to comment.