Goldman Sachs Asset Management (GSAM) and Germany’s DWS are reportedly looking to bid for NN Investment Partners (NN IP), the asset management arm of Dutch insurer NN Group.

The unit, which manages €300bn in assets, was put up for sale by the insurer in April this year, following a strategic review of the business.

With deadline for final binding offers set to end early this week, GSAM and DWS are preparing the bids for NN IP, Financial Times reported citing people familiar with the development.

According to a source, the deal price is in the region of €1.4bn.

NN Group, GSAM and DWS did not comment on the news.

Other interested parties for the unit includes UBS, Prudential Financial, Janus Henderson and American asset manager Nuveen.

Frankfurt-based DWS is accelerating its consolidation activities to challenge the supremacy of its rival firm Amundi in Europe.

DWS chief executive Asoka Woehrmann told shareholders at the group’s annual meeting last month that it is seeking to be ‘an active player’ in industry consolidation.

In April this year, NN Group said it is considering a range of options including a merger, joint venture, or (partial) divestment for NN IP.

NN IP specialises in fixed income, private debt, equity and multi asset solutions. It has presence in Europe, Asia, Latin America and the US.