(MENAFN) General Electric is set to acquire Italy's Avio for USD4.3 billion from private equity fund Cinven and Italian state-controlled defence group Finmeccanica, reported Reuters.
Avio, which makes components for the GE Dreamliner engine used by Boeing, ranks among Italy's most valuable industrial assets and is one of the most technologically advanced companies in its field.
The aviation business deal was a blow to France's Safran and Italy's state-backed Strategic Fund, which had been trying over the last few months to take over Avio.
The takeover would strengthen GE's global supply chain capabilities as its engine production rates rise to meet growing customer demand, the conglomerate said.
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