KKR & Co. Inc. is in negotiations to purchase Elsan SAS from CVC Capital Partners Ltd. in a bid to forestall a planned auction for the French clinic chain, Bloomberg News reported, citing people familiar with the matter.

Elsan reportedly could be worth about €3.5 billion in a sale. CVC aims to start a broader sale process for the company should it fail to reach an agreement with KKR, sources said, adding that other interested parties are exploring possible bids for Elsan.

Representatives for KKR, CVC and Elsan did not comment on the matter, according to Bloomberg.