3M To Sell Electronic Monitoring Business To Apax Partners Affiliate For $200 Mln

3M Co. said premarket Thursday that it plans to sell its electronic monitoring business to an affiliate of private equity advisory firm Apax Partners for $200 million. The deal is expected to close in the third quarter and add about 15 cents per share to 3M's earnings. The business in question provides electronic monitoring technologies to correctional and law enforcement agencies around the world and brings in annual sales of about $95 million, 3M said. 3M is focusing its portfolio on transportation safety and mobility trends, it said. 3M shares were not active in premarket trade. Shares have risen 7.7% over the last three months, compared with a 0.7% rise in the S&P 500 .