Goldman Sachs (GS) is working with Siemens Energy over the latter's planned sale of a majority stake in the steam turbine business, Bloomberg reported Monday, citing people familiar with the matter.

A board meeting is scheduled for Tuesday on how the company will proceed with the sale, sources told the media outlet.

Private equity firms, including CVC Capital Partners and Bain Capital, are potential suitors for the business valued at an estimated $11.7 billion, people told Bloomberg.

Goldman Sachs did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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