Smiths Is Said to Kick Off Sale of $3 Billion Medical Business

Smiths Group Plc has kicked off a formal sale of its medical-equipment business in a deal that could value the unit at more than $3 billion, people familiar with the matter said.

The U.K. industrial conglomerate’s advisers have sent information memoranda to potential bidders, the people said, asking not to be identified as the details are private. Smiths Group expects to receive first-round bids before the end of the year, one of the people said.

The sale is attracting interest mostly from private equity firms, according to the people. No final decisions have been made, and the deliberations may not ...