Dubai’s DIC to sell USD1.5b Doncasters
03 Dec 2014
(MENAFN) Dubai International Capital announced it is putting up Doncasters, the UK-based engineering group, for sale for more than USD1.56 billion, Arabian Business reported.
Dubai International Capital’s said that the sale Doncasters, which manufactures precision components for aircraft engines and industrial gas turbines, as well as another asset from its portfolio, will provide it with cash to cover its outstanding debt before its scheduled repayment in two years.
The private equity firm, which is part of Dubai Holdings, acquired the business in 2006 but that Doncasters did not make enough profit, causing the company to undertake a refinancing to reduce its borrowing costs.