BERWYN, Pa. (AP) -- Private equity firm The Carlyle Group LP is selling off the last of its stake in aircraft supplier Triumph Group Inc.
The offering of approximately 4.7 million shares owned by Carlyle's funds is expected to close on Tuesday, Triumph said Thursday. Triumph, which designs and repairs aircraft parts and accessories, will not receive any proceeds from the sale.
Carlyle received about 7.5 million Triumph shares two years ago for selling Vought Aircraft Industries Inc. to Triumph. At the time, Triumph said that gave Carlyle a 31 percent stake in the company. Triumph also paid Carlyle $525 million and assumed Vought's debt. The total deal was valued at $1.44 billion.
Carlyle, one of the largest and best-known private equity firms, went public last month in a $671 million initial public stock offering. The firm, headquartered in Washington, D.C., has more than 200 companies its portfolio.
Shares of the Triumph, based in Berwyn, Pa., fell $1.57, or 2.6 percent, to $58.75 in Thursday afternoon trading. Carlyle's stock added 2 cents to $21.40.
