French aerospace firm Latecoere buys Canada's Avcorp

Latecoere SA

05/05/2022 09:18

May 5 (Reuters) - French aerospace firm Latecoere  LAEP.PA 
has agreed to buy Avcorp  AVP.TO  for around 41 million Canadian
dollars ($32 million) in cash, it said in a statement on
Thursday. 
    Latecoere, which said the deal reflects a 38% premium to
Avcorp's closing share price on Wednesday, expects to close in
the third quarter of this year.
    Chief Executive Thierry Mootz said the acqusition should
boost the group's opportunities in North America's defence
sector.
    Latecoere's stock was up around 2% in early trade. Avcorp is
majority owned by Panta Holdings BV.

 (Reporting by Sarah Morland)
 ((sarah.morland@thomsonreuters.com; +48 58 769 65 92;))