2023-05-25 15:42:41
Lufthansa’s aircraft maintenance business, Lufthansa Technik, will enter the second phase of its partial sale process in mid-June, two sources familiar with the matter told Archyde.com.
The range of bidders has narrowed to include private equity firms Advent International, CVC Capital Partners and Bain Capital, all vying to invest in a minority stake, the sources said, speaking on condition of anonymity.
Blackstone had previously expressed interest in the asset, but is no longer involved, the sources said.
Lufthansa Technik, Advent, CVC, Bain and Blackstone declined to comment.
The second phase of the procedure will allow bidders to access the data in order to carry out due diligence, the sources said.
Lufthansa is hoping for 1.5 billion euros ($1.65 billion) proceeds from the sale of a 20% share of its maintenance arm, although sources have warned a deal may not go through if the parent company did not receive high enough bids.
Lufthansa Technik chief financial officer William Willms has previously said there will be two rounds of negotiations by the summer.
The airline is looking for a long-term investor and said it would consider a partial stock market listing of Technik at a later time.
Lufthansa and the Italian treasury reached an agreement on Thursday allowing the German airline to take a minority stake in ITA Airways, the successor to the former Italian flag carrier Alitalia. ($1 = 0.9084 euros) (Report by Emma-Victoria Farr and Ilona Wissenbach in Frankfurt, editing by Kirsten Donovan)
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