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Airbus seeks sale of services unit Vector -sources

Published 2015-12-07, 06:16 p/m
© Reuters. Airbus seeks sale of services unit Vector -sources
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By Mike Stone
Dec 7 (Reuters) - Airbus Group SE AIR.PA is exploring a
sale of Vector Aerospace Corp, a unit that services and
maintains aircraft, in a deal that could be valued at more than
$800 million, people familiar with the matter said on Monday.
Airbus, Europe's largest aerospace group, is currently
selling several businesses to focus its defense division on
warplanes, missiles, launchers and satellites.
Airbus has hired investment bankers to run an auction for
Vector, which has annual earnings before interest, taxes,
depreciation and amortization of around $80 million, the people
said.
The sources asked not to be identified because the sale
process is confidential. Vector and Airbus declined to comment.
Toronto-based Vector Aerospace was purchased in 2011 for
about $640 million by European aerospace giant EADS, which was
renamed Airbus in 2014.
Vector provides maintenance services to military, commercial
and private helicopters and airplanes. It has 2,300 employees
and facilities in the United States, Canada, Britain, France,
Australia, South Africa, Kenya and Singapore.
Other aircraft services companies have recently been sold
for hefty prices. BBA Aviation Plc BBA.L agreed to buy
Landmark Aviation from Carlyle Group LP CG.O for $2.1 in
September.
Airbus also aims to pick a buyer for its defense electronics
unit by the end of 2015 as part of its plan to dispose of assets
with combined revenues of around 2 billion euros ($2.13
billion), Chief Executive Tom Enders told a German newspaper
last month.
Based on its asset sale program, Airbus' board has
authorized a 1 billion euro share buyback, to be completed by
the end of June 2016.

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