MILAN (Reuters) - General Electric Co (GE.N) is near a deal to acquire Italy’s Avio, a privately held airplane parts supplier, people familiar with the situation on Friday.
“General Electric is in pole position; it’s working on the details of the deal,” said a person familiar with the situation.
The sale is being managed by Cinven, a private equity fund that controls Avio.
“It will be a busy weekend,” said another person.
The sources did not provide any further details.
Press reports have valued the company at more than 3 billion euros.
France’s Safran SA (SAF.PA), with interests in airplanes, aerospace and defense, has also been in talks to buy Avio.
Reporting by Elisa Anzolin, Massimo Gaia; Editing by Gerald E. McCormick