Britain’s Goodwin said on Wednesday it was in advanced talks to sell parts of its Mechanical Engineering division to U.S. private equity firm Cerberus Capital for £1.1 billion ($1.49 billion).
The division includes Goodwin Steel Castings, Goodwin International, Noreva, Easat Group and Pumps, which supply components for British and U.S. naval ship and submarine programmes.
Goodwin shares, which fell 23% on Tuesday following reports of the talks, rose as much as 10% to 16,980 pence on Wednesday.
The transaction would cover a substantial part of the engineering division and include the company’s defence related assets.
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