(Bloomberg) -- Robert Bosch GmbH agreed to sell its security and communications technology product business to private equity firm Triton Partners, as the German parts supplier trims its portfolio.

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The transaction includes three business units — video, access and intrusion as well as communication — which employ about 4,300 people across 90 locations globally, according to a statement on Thursday that confirmed an earlier Bloomberg News report.

A deal is expected to close by the end of the first half of 2025, subject to regulatory approvals. While financial terms weren’t disclosed, people familiar with the matter have said the assets could be valued at about €700 million ($735 million).

The divestment would trim Bosch’s portfolio following its $8 billion agreement to acquire Johnson Controls International Plc’s heating and ventilations assets earlier this year. The company said in October 2023 that it planned to sell most of the building technologies division’s product business. Bosch’s building technology posted a revenue of €2.6 billion last year, according to its website.

Bosch said last month that it plans to cut 5,500 jobs globally, mainly in Germany, as the car industry’s woes ripple through the supply chain. Bosch, the world’s biggest automotive supplier by revenue, will cut positions related to automated driving and car steering products in Germany, according to a statement from the IG Metall union.

Triton has raised more than €18 billion across its three investment strategies, focusing on core sectors of business services, industrial tech and health care. In Germany, the private equity firm owns building ventilation solutions provider FläktGroup and industrial heat exchanger maker Kelvion.

--With assistance from William Wilkes.

(Updates throughout with confirmation.)

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