Olympus has entered advanced negotiations with U.S. private equity firm Bain Capital for the sale of its scientific instruments business. Bain's purchase price is expected to be around 400 billion yen ($2.9 billion), according to several people involved in the negotiations. U.S.-based Carlyle Group, Sweden's EQT and Europe-based CVC Capital Partners have also submitted bids since this spring. It is believed that Bain topped the other bidders as regards price and other conditions. Olympus said no decision has been made. The scientific unit is Olympus' traditional business. The company intends to concentrate management resources on its core medical device business, including endoscopes, and will use the proceeds from the sale to invest in growth. Sales of the scientific business for the fiscal year ending March 31 were 119.1 billion yen with an operating profit of 17.5 billion yen. Although profitable, growth has plateaued, and the company decided to spin off the business last year with the assumption that it would be sold. Olympus' scientific business involves industrial microscopes and nondestructive testing equipment for universities and corporate research entities. The company has the world's second-largest share of the biological microscope market. Its industrial microscopes, which are used to inspect semiconductors, automobile parts and aircraft engines, are essential to the production of industrial products. In the April-June period, the firm's scientific business posted an operating loss of 1.6 billion yen compared with a 1.8 billion yen profit in the same period last year due to the impact of the semiconductor shortage and lockdowns in China. Although production has been affected, the company expects sales of 145 billion yen and operating profit of 26.5 billion yen for the fiscal year ending March 2023, saying that its order backlog is increasing. Olympus plans to use the proceeds from the sale for mergers and acquisitions in the medical equipment business. The company will concentrate management resources amid intense competition to add software technology and develop specialized equipment for endoscopes.