ITALY - Carlyle and Finmeccanica sell Avio to Cinven for EUR 2.57bn

The Italian defence group Finmeccanica, and private equity giant Carlyle Group have sold aerospace engine maker Avio to Cinven. The enterprise value of the deal is EUR 2.57bn. Finmeccanica's stake of 30% will be sold for EUR 430m. At the same time, the group will buy back a 15% shareholding for a reported EUR 150m. It will also have the option to increase its stake to the original 30% before the closing the transaction, which is expected to be before the end of the year, pending approval from the regulatory authorities.