Private equity firm Carlyle Group LP (CG.O) said it will buy aircraft maintenance services company Landmark Aviation LNDAV.UL from GTCR and Platform Partners.
Carlyle has previously owned Landmark, making it one of the rare instances where a private equity firm is buying back a company after disposing of it.
While the financial details of the deal were not disclosed, sources familiar with the matter told Reuters in August that the company could be worth as much as $700 million.
Equity capital for the transaction will come from Carlyle Partners V, a buyout fund, Carlyle Group said in a statement.
Private equity firms GTCR and Platform Partners had bought Landmark in 2007 from state-run Dubai Aerospace Enterprise for an undisclosed sum.
Houston-based Landmark provides business aviation services, including aircraft charter and maintenance, in United States, Canada and France.
Morgan Stanley, RBC Capital Markets and Barclays have agreed to provide debt financing for the deal.
Carlyle shares closed up 1 percent at $27.02 on Friday on the Nasdaq.
(Reporting by Shounak Dasgupta in Bangalore; Editing by Gary Hill)