Singapore-based ST Engineering has received regulatory approvals for the proposed acquisition of MRA Systems (MRAS) from General Electric (GE).
In September, ST Engineering’s US subsidiary Vision Technologies Aerospace (VT Aerospace) entered a conditional share purchase agreement to acquire MRAS.
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According to the agreement, the purchase consideration to acquire 100% ownership in MRAS is $630m on a cash-free and debt-free basis.
In a statement, the company said: “ST Engineering wishes to provide an update that all applicable anti-trust approvals for the proposed acquisition have been obtained, and that it is pending usual clearance from the Committee on Foreign Investment in the United States.
“Subject to the remaining conditions to completion of the proposed acquisition being satisfied or waived pursuant to the agreement at closing, the proposed acquisition is expected to close in the second quarter of 2019.”
According to ST Engineering, the acquisition will allow it to move into the original equipment manufacturer (OEM) business of high-value nacelle components and replacement parts.
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By GlobalDataBased in Maryland with approximately 800 employees, MRAS is an established OEM of engine nacelle systems for both narrow-body and wide-body aircraft.
It has received several single-source contracts in support of mature and next-generation nacelle programmes.
The company is currently supporting the next-generation programme A320neo powered by CFM International’s LEAP-1A engine in partnership with Safran Nacelles.
MRAS’ nacelles are also used on Bombardier’s Global 7000/8000 series of next-generation private/business jet.
