October 16, 2007 / 10:20 PM / 12 years ago

ACE Aviation completes sale of maintenance unit

CALGARY, Alberta (Reuters) - ACE Aviation Holdings Inc ACEa.TO, parent company of Air Canada ACa.TO, completed the sale of a majority stake in its aircraft maintenance unit to Sageview Capital LLC and Kohlberg Kravis Roberts & Co KKR.UL, ACE said on Tuesday.

ACE had originally expected the sale of Air Canada Technical Services to be completed before the end of September. The company garnered net cash proceeds of C$723 million ($738 million) and will retain a 23 percent interest in the unit.

Within six months, ACE may also receive up to C$40 million more from funds held in escrow, subject to completion of some supplier contracts, it said.

$1=$0.98 Canadian

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