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Signature Aviation to sell engine repairs business for $230 million

Feb 17 (Reuters) - Signature Aviation said on Wednesday it had agreed to sell its engine repairs business to StandardAero for $230 million, as the jet services company seeks a leaner business and focuses on cash-generative operations.

The London-listed company, which this month backed a buyout offer from Gatwick owner GIP, Blackstone and Bill Gates’ investment vehicle, said net proceeds of about $140 million from the sale will partly be used to cut its debt. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Vinay Dwivedi)

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