Avio ‘Acquired’ for EUR 2.57B

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European private equity firm Cinven has acquired aerospace manufacturer Avio SpA from The Carlyle Group and Finmeccanica for EUR 2.57 billion, significantly surpassing the EUR 1.5-1.6 billion paid by Carlyle and Finmeccanica in September 2003 when they bought the aerospace arm of FiatAvio SpA. Carlyle owned 70% of the company, with Finmeccanica owning the remaining 30%… but Cinven’s release notes Finmeccanica’s “reinvestment” in the company so this may simply be an investment group shuffle. The transaction is expected to close in October 2006 and is subject to the approval of the relevant competition authorities. So, who is Avio, for those who don’t know? * Avio’s most high-profile business designs, manufactures and services subsystems and components for military (Eurofighter Typhoon and F-35 Joint Strike Fighter) and commercial (the 787’s GenX with GE, A380’s Trent 900 with Rolls Royce, et. al.) jet engines. Their name may not be front and center on the engines themselves, but they’re a key Tier 1 partner to General Electric, Rolls Royce and Pratt & Whitney. * Avio’s Space Business Unit produces propulsion systems for space launch vehicles like Ariane and Vega light launcher, along with missile applications. * The company’s two other divisions provide jet derivative […]

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