(Reuters) -Senior Plc has agreed to sell its Aerostructures unit to private equity investor Sullivan Street Partners for a total enterprise value of up to 200 million pounds ($268.58 million), the British engineering firm said on Friday.
The company has been considering selling the business to pursue a leaner structure after production snags at its key supplier Boeing and a dip in demand during the pandemic hurt its operations.
Aerostructures is part of Senior’s biggest division, aerospace, which builds and supplies aeroplane parts, including ducts, structural supports, hydraulics, sensors, and temperature and pressure controls.
As part of the deal, Senior will receive an initial consideration of 150 million pounds and may receive up to an additional 50 million pounds in the first half of 2026, contingent on Aerostructures’ EBITDA performance in 2025.
The company also announced a new 40 million pound share buyback programme on Friday.
($1 = 0.7447 pounds)
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Vijay Kishore)
