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Babcock confirms talks to acquire stake in private equity-backed Avincis

27 Nov 2013

avincisUK engineering firm Babcock has confirmed that it is in talks to acquire a stake in private equity-backed helicopter company Avincis.

Babcock is in advanced talks and is looking to invest as much as £735m for a minority stake in the business, said the Daily Mail.

Avincis’ private equity owner KKR is unwilling to give up control of the company and could sell a stake of up to 49 per cent, according to the report. The company is also backed by Italian buyout firm Investindustrial.

“This initiative is in line with Babcock’s stated strategy to grow from its position as the UK’s leading engineering support services company in both the UK and overseas,” Babcock said in a statement.

“However, there can be no certainty that these discussions will lead to any transaction or any certainty as to the terms upon which any such transaction might proceed.”

Last month KKR acquired a substantial minority stake in helicopter manufacturer Weststar Aviation for $200m in its first deal in Malaysia.

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