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Wednesday, January 14, 2015

U.S. groups, private equity line up bids for cargo handler Telair - sources, (NYSE: AIR)

U.S. aerospace components maker Transdigm and European takeover groups Cinven and EQT are all exploring an acquisition of cargo handler Telair in a potential $700-800 million deal, two people familiar with the transaction said. Aviation support company AAR Corp has asked for final offers for its Germany-headquartered business by late January or early February, the sources said.U.S. industrial conglomerate Honeywell and aviation firm Triumph are also considering making final bids for Telair, one of the sources said.Telair has annual core earnings (EBITDA) of about $70 million and the company could fetch more than ten times that, the sources said.Previously, sources had said that Telair may be valued at up to $1 billion in a potential sale.

Shares of AIR traded higher by 1.69% or $0.43/share to $25.86. In the past year, the shares have traded as low as $22.37 and as high as $31.41. On average, 188589 shares of AIR exchange hands on a given day and today's volume is recorded at 127679.