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LONDON, March 27 Engineering contractor Babcock
said on Thursday it had agreed to acquire helicopter
transport services firm Avincis for 920 million pounds, funding
the long-expected deal through a 1.1 billion pounds rights
Babcock will also take on the net debt of Avincis of 705
"The proposed acquisition of Avincis meets Babcock's
strategic objectives as it brings into the Babcock Group a
market-leading business, delivering mission critical services
and complex engineering support to blue-chip customers in
multiple geographies," said Babcock CEO Peter Rogers.
"Avincis already has a strong growth platform and its
combination with Babcock will generate even greater expansion
opportunities and value creation for Babcock's shareholders," he
London-headquartered Avincis runs a fleet of 356 aircraft,
of which 196 are owned by the company, and operates in 10
countries. It has about 3,000 employees.
Avincis was owned World Helicopters, a portfolio company
of investment funds affiliated with Investindustrial and
Kohlberg Kravis Roberts.
($1 = 0.6037 British Pounds)
(Reporting by Li-mei Hoang; editing by Kate Holton)