FRANKFURT (Reuters) – Private equity suitors for Thyssenkrupp’s (TKAG.DE) elevator division, which is seen fetching around 16 billion euros ($17.4 billion), have submitted offers with similar levels of debt, four people familiar with the process told Reuters on Wednesday.

Two consortia remain in the race: Blackstone (BX.N), Carlyle (CG.O) and the Canada Pension Plan Investment Board are competing against Advent and Cinven, who are supported by the Abu Dhabi Investment Authority and Germany’s RAG Stiftung.

The bids, which were submitted on Wednesday, both include a leverage factor of more than seven times earnings before interest, tax, depreciation and amortisation (EBITDA), the people said.

Based on expected 2020 EBITDA, this would result in a debt component of more than 7 billion euros.

Volkmar Dinstuhl, Thyssenkrupp’s head of M&A who bears the title “International Master” from the International Chess Federation FIDE, will help review final bids, two people familiar with the matter said.

His assessment will feed into the board’s recommendation to the group’s supervisory board, which will meet on Thursday to make a decision.

Spokespeople for Thyssenkrupp and the suitors declined to comment or were not immediately available for comment.

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