Signature Aviation to sell engine repairs unit to StandardAero for $230 million
Signature Aviation has agreed to sell its engine repair and overhaul business to StandardAero, a company owned by Carlyle Group, for $230 million, the private jet services firm said on Wednesday.
The move is part of Signature’s plan to streamline operations and focus on more cash-generating areas amid an ongoing takeover battle. Earlier this month, the company backed a joint bid from Global Infrastructure Partners (GIP), Blackstone, and Bill Gates’ investment vehicle, News.Az reports, citing Reuters.
The deal comes as Carlyle, which had previously shown interest in acquiring Signature itself, is reportedly preparing to withdraw from the bidding.
Signature, formerly known as BBA Aviation, expects to complete the sale this year, with net proceeds of about $140 million to be used partly to reduce debt.
The company’s shares, which rose more than 20% in 2020, were down 0.5% at 1107 GMT on Thursday.
Lazard is advising Signature on the transaction, with Jones Day acting as legal counsel.
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