Siemens AG said Wednesday it is selling 2% of its stake in its medical device company Siemens Healthineers. Proceeds from the sale of the 22 million shares will be used for general corporate purposes, the company said in a news release. It has agreed not to sell any additional shares for 90 days.

German engineering company Siemens is selling a 2% stake in healthcare subsidiary Siemens Healthineers, it said on Wednesday, raising roughly 1.2 billion euros ($1.25 billion) that could help pay for its acquisition of U.

German engineering company Siemens is selling a 2% stake in health care subsidiary Siemens Healthineers, it said on Wednesday, raising roughly 1.45 billion euros (US$1.5 billion) that could help pay for its acquisition of U.S. software firm Altair Engineering.

Siemens AG is likely to raise about €1.4 billion ($1.5 billion) from the sale of a roughly 2.3% stake in Siemens Healthineers AG, the medical technology unit it listed in 2018.