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Better Capital sells Northern Aerospace to Gardner
Better Capital subsidiary C Bidco has agreed to sell its Northern Aerospace business to Gardner Aerospace Holdings, itself a wholly-owned subsidiary of Shaanxi Ligeance Mineral Resources, for £44m in cash.
BC stated that the deal remained subject to certain conditions and approvals being met within 40 days of the "next phase" of the agreement and noted that, should Gardner fail to finalise the sale, it would be required to pay a £3m break fee to Northern.
The investment fund said it was looking to "invest in a portfolio of businesses which have significant operating issues and may have associated financial distress."
Better Capital added that proceeds from the deal would be "materially in line" with the subsidiary's £60m carrying value at its interim results.
As of 1210 BST, BC shares had picked up 8.98% to 26.70p.