Maintenance, repair and overhaul (MRO) company StandardAero has entered exclusive negotiations to acquire MRO business Vector Aerospace Holding from Airbus.

The talks were made public by Airbus July 5, although few details were given.

“The proposed transaction is subject to workers’ council consultation, signing of definitive agreements and customary approvals, such as regulatory clearances,” Airbus said.

Vector supports engines, components, fixed- and rotary-wing aircraft. The business turned over $704.8 million in 2016 and employs approximately 2,200 people in 22 locations across Australia, Canada, France, Kenya, Singapore, South Africa, the UK and the US.

StandardAero is active in business and general aviation, airline, military, helicopter, components, energy and VIP completions markets. The company performs engine and airframe MRO work, engine component repair, engineering services, interior completions and paint applications.

In 2015, StandardAero was purchased by New York-headquartered private equity firm Veritas Capital.

Victoria Moores