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KKR sells Avincis to Babcock in £920m deal

28 Mar 2014

helicopter_sqPrivate equity firm KKR has exited its investment in helicopter services provider Avincis to British engineering group Babcock in a £920m deal.

Babcock, which will raise £1.1bn via a share issue at a price of 790p per share, will also assume Avincis’ debts of £705m.

The company is currently focused on providing services to the UK oil and gas industry with plans to expand its operations in the growing Norwegian and Australian offshore oil and gas markets.

Last year Babcock was reportedly looking to buy a minority stake in the company for £735m, but KKR was unwilling to cede control and negotiations stalled.

last month it was reported that Avincis was seeking an IPO which could value the company at up to £2bn.

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