GE Drops $4.3B To Buy Avio's Aviation Business From Cinven

Law360, New York (December 21, 2012, 3:28 PM EST) -- General Electric Co. has agreed to buy the aviation business of Italian aerospace services company Avio SpA from its private equity backer, U.K.-based Cinven, for roughly €3.3 billion (US$4.3 billion), GE announced Friday.

The Connecticut-based global company will acquire Avio's aviation business from Cinven, which has owned Avio since 2006, and Italian government-backed aerospace conglomerate Finmeccanica SpA. Avio currently provides GE's aerospace unit, GE Aviation, with aircraft components.

The $4.3 billion purchase price is roughly eight and half times Avio's estimated 2012 earnings before interest, taxes,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.