Banks Prep £1.2 Billion Debt Package for CVC’s Smiths’ Unit Buy

Banks are preparing to sell a jumbo debt financing backing the carveout of a unit of Smiths Group Plc that makes airport security scanners, the latest buyout financing set to come to market in a pick up of M&A activity.

Barclays Plc, Credit Agricole SA, Goldman Sachs Group Inc. and HSBC Holdings Plc are among banks that have underwritten around £1.2 billion ($1.6 billion) of financing for Smiths Detection, and are preparing to sell it on to institutional investors toward the end of the first quarter or the beginning of the second, according to people familiar with the matter, who asked not to be identified because the deal is private.