GE to Acquire Aviation Business of Avio for $4.3B
GE (NYSE: GE) announced today that it has agreed to purchase the aviation business
of Avio S.p.A., an Italy-based manufacturer of aviation propulsion
components and systems for civil and military aircraft, for $4.3 billion
U.S. (€3.3 billion).
The announcement was made today in Milan, Italy, by David Joyce,
president and CEO of GE Aviation, and Nani Beccalli, president and CEO
of GE Europe.
GE plans to acquire Avio's aviation business from Cinven, a leading
European private equity firm that has owned Avio since 2006, and
Finmeccanica, the Italian aerospace group. The transaction is subject to
regulatory and governmental approvals. GE will not be purchasing Avio's