Apax Partners, the global private equity firm, is leading a consortium to acquire International Electronics and Engineering, part of Arcelor, the world's largest steelmaker. The deal has an enterprise value of €125m ($153m).

Luxembourg-based International Electronics and Engineering develops automotive safety systems including sensors used to activate airbags. Last year's sales were €70m. More than 12% of International Electronics and Engineering's 750 staff are involved in research and development work.