ROME - Fiat expects to close a deal to sell aviation unit Fiat Avio to U.S. fund Carlyle and Italian defence group Finmeccanica in the next week, Chairman Umberto Agnelli said on Thursday.
Fiat and Carlyle signed a memorandum of understanding on the Avio sale on April 7, putting an enterprise value of 1.6 billion euros on the Fiat group's most profitable unit. Due diligence was expected to last about five weeks.
Asked when the deal would be sealed, Agnelli told reporters: "Soon. Either this week or next."
The Fiat Avio sale also will need approvals from Italy's Defense Ministry, which has a series of contracts with the aviation unit. Fiat Avio also is involved in projects to power the Eurofighter and the U.S. Airforce's F22 Raptor fighter jet.