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BREAKING NEWS

BBA Aviation sells aircraft parts unit in $1.37 billion deal

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(Reuters) – BBA Aviation Plc <BBA.L> said on Tuesday that it agreed to sell its Ontic aircraft parts and services unit to private equity firm CVC Capital Partners’ CVC Fund VII for an enterprise value of $1.37 billion.

The aviation services provider said that the deal, which is unanimously supported by its board, should return between $750 million and $850 million to shareholders.

(Reporting by Justin George Varghese in Bengaluru; editing by Patrick Graham)

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