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Montagu Buying Siemens’ Airfield Lighting Unit

LONDON (Reuters) – Montagu Private Equity, the British buyout house, said on Thursday it has agreed a deal to acquire airfield lighting company ADB Airfield Solutions from Siemens AG (SIEGn.DE).

The companies did not disclose financial terms of the deal.

Late last month Thomson Reuters LPC reported that Bank of Ireland and West LB were lining up 70-80 million euros ($103.1 million) of financing for the deal.

“We were attracted to ADB Airfield Solutions due to its substantial growth potential,” said Sylvain Berger-Duquene, director at Montagu, in a statement.

Montagu, which owns waste management firm Biffa [WSAQTB.UL] and electronics retailer Maplin [MPETN.UL], is in the process of selling survival equipment maker Survitec, in a deal it hopes will yield around 300 million pounds ($491.1 million). [ID:nLI300067]

The earlier sale of sausage casings manufacturer Kalle for 212.5 million euros marked a high point in the European private equity market, prompting hopes that the appetite for deals in defensive sectors was returning. ($1=.6790 euros) ($1=.6108 pounds) (Reporting by Simon Meads; Editing by Greg Mahlich)