GE To Acquire Italy’s Avio

GE announced it has agreed to purchase the aviation business of Avio, an Italy-based manufacturer of aviation propulsion components and systems for civil and military aircraft, for $4.3 billion. GE will acquire Avio’s aviation business from Cinven, the European private equity firm that has owned Avio since 2006, and Finmeccanica, the Italian aerospace group. The acquisition of Avio’s aviation business, which provides components for GE Aviation and other engine companies, would further GE’s participation in jet propulsion.