The space assets sale of Italian defence and rocket equipment specialist Avio will likely be pushed into early next year, SatelliteFinance has learnt.
The assets, left over from when General Electric bought Avio’s aviation unit in December 2012, have…
The space assets sale of Italian defence and rocket equipment specialist Avio will likely be pushed into early next year, SatelliteFinance has learnt.
The assets, left over from when General Electric bought Avio’s aviation unit in December 2012, have attracted suitors including French satellite makers Astrium and Thales as well as Paris-based aerospace giant Safran.
However, talks have moved on very little since preliminary bids targeting around €300m were due in July.
SatelliteFinance understands that one of the reasons for the delay was that state-controlled Italian defence group Finmeccania, which has a 14% stake, was running the sale until October.
Private equity firm Cinven, which owns 81%, is now in the driving seat but, due to the assets having strategic importance to Italy’s government, the sale not only needs to be for the right price but also for the right buyer. Rothschild, which advised Cinven on the aviation asset sale, is understood to be advising the group on the latest bids.
There are also rumours that Finmeccania is looking to increase its shareholding in the business and could team up with Astrium for a joint bid.
Cinven declined to comment. Finmeccania and the other rumoured bidders were unable to comment on the speculation before the press deadline.