Blackstone-backed Leica Camera AG is exploring a sale of a controlling stake, potentially valuing the iconic German camera maker at around €1 billion ($1.2 billion). The owners are weighing options for a transaction, according to people familiar with the matter, marking a pivotal moment for the heritage brand.

A sale would represent a major liquidity event for its investors, including private equity firm Blackstone, which acquired a majority stake in 2012. Leica, known for its precision optics and luxury pricing, operates in a challenging market for traditional cameras, dominated by smartphones and mirrorless systems.

The deal’s outcome could signal broader trends in the luxury and consumer electronics sectors. Investors will watch for potential buyers, which might range from strategic acquirers in imaging to other private equity firms seeking a premium brand. The company’s future direction hinges on new ownership.