An arm of Hitachi Ltd. is among suitors bidding for part of Swarco, the traffic solutions provider owned by members of Austria’s Swarovski family, people familiar with the matter said.

The Japanese group is competing with buyout firms including Platinum Equity for Swarco’s intelligent transport systems unit, according to the people.

A deal could be valued at about €1 billion ($1.2 billion), the people said.