ST Engineering has received clearance from the Committee on Foreign Investment in the United States (CFIUS), obtaining all applicable regulatory approvals to consummate the Proposed Acquisition of a 100 per cent ownership of Middle River Aircraft Systems (MRAS).
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 week beginning April 15, 2019.
“(ST Engineering) has received clearance from Committee on Foreign Investment in the United States (CFIUS). “With this clearance from CFIUS, ST Engineering has obtained all applicable regulatory approvals to consummate the proposed acquisition,” the statement said.
The deal, worth an estimated net price of $440 million, will see ST Engineering’s US subsidiary, Vision Technologies Aerospace, acquire all the shares of Baltimore, Maryland-based MRAS.
The deal, which was first announced in September, gives Vision Technologies 100 per cent ownership in MRA Systems, the sole supplier of nacelles for Airbus SE A320neos using LEAP-1A engines manufactured by CFM International, a GE and Safran SA joint venture. A nacelle is a casing that holds engines, fuel, or equipment on an aircraft.
A nacelle is a casing that holds engines, fuel, or equipment on an aircraft.