Swedish buyout group EQT has agreed to buy a 20 percent stake in Otto Bock HealthCare GmbH, valuing the German artificial limb maker at 3.15 billion euros ($3.52 billion), the two parties said on Saturday.

EQT beat rival investor CVC, confirming a Reuters report from last month that it had emerged as the leading bidder to help the family-owned company finance further growth and prepare for an initial public offering (IPO).

“We continue pursuing the possibility of an IPO. However, such a step will come later rather than sooner thanks to the partnership with EQT,” said Hans Georg Naeder, the president and owner of the parent company and grandson of its founder.

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