Reuters has broken the news that Alliant Techsystems (ATK), the owner of Weaver optics and mounts, is in talks to purchase scope and accessory maker Bushnell. Bushnell is said to be valued at around $1 billion. The company is currently owned by the private equity firm MidOcean Partners. Reuters reports …

The people asked not to be identified because the matter is confidential. They cautioned that a deal has not yet been finalized and negotiations could still fall apart.

MidOcean Partners and Bushnell declined to comment, while ATK did not respond to a request for comment.

Bushnell hired Morgan Stanley and Robert W. Baird to shop the company, other people familiar with the matter told Reuters in February.

Founded in 1948, Overland Park, Kansas-based Bushnell makes accessories such as binoculars, telescopes, night vision equipment and GPS devices for sports like hunting and fishing. Its brands include Butler Creek, Final Approach, Hoppe’s, Millett, Night Optics, Primos, Simmons, Stoney Point, Tasco and Uncle Mike’s.

ATK is best known for manufacturing ammunition for the consumer, law enforcement and military markets. They own Federal Premium, CCI, Fusion, Speer Ammo, Speer Bullets, Estate Cartridge and Blazer brands. They produce reloading equipment under the RCBS brand and smokeless power under the Alliant Powder brand. In 2010 ATK purchased Blackhawk! and earlier this year they purchased Savage Arms.

The industry consolidation continues …