Italian defense group Finmeccanica and private equity fund Cinven will get at least five offers for satellite propulsion system unit Avio Spazio, writes Reuters. French groups Safran and Thales, French-German consortium EADS and two unnamed operators from Germany and the United States will submit preliminary offers for the company by the end of June, business daily Il Sole said, writes Reuters.
Reuters – Italian defense group Finmeccanica (SIFI.MI) and private equity fund Cinven CINV.UL will get at least five offers for satellite propulsion system unit Avio Spazio, business daily Il Sole 24 Ore said on Sunday.
French groups Safran (SAF.PA) and Thales (TCFP.PA), French-German consortium EADS (EAD.PA) and two unnamed operators from Germany and the United States will submit preliminary offers for the company by the end of June, Il Sole said.
Avio Spazio, which is about 81 percent owned by Cinven and 14.3 percent by Finmeccanica, is estimated to be worth 300-400 million euros, Il Sole said. The business produces propulsion technology to launch and maneuver satellites in space.
Finmeccanica and Cinven declined to comment, while Thales and EADS did not immediately reply to emails asking for a comment.
Safran said in February it was interested in buying Avio Spazio.
Last year, Cinven and Finmeccanica reached a deal to sell their Avio core aeronautics unit for 3.3 billion euros ($4.36 billion) to General Electric Co (GE.N). ($1 = 0.7564 euros)
(Reporting by Stephen Jewkes; Editing by Louise Heavens)