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UPDATE 1-Veritas Capital to buy Carlyle's Chromalloy for $1.6 bln - sources

·1 min read

(Adds details on Chromalloy and Veritas Capital)

By Chibuike Oguh and Mike Stone

Sept 2 (Reuters) - Private equity firm Veritas Capital Fund Management LLC has agreed to buy aircraft parts manufacturer Chromalloy Gas Turbine LLC from Carlyle Group Inc for more than $1.6 billion, including debt, according to people familiar with the matter.

The deal could be announced as early as Tuesday, said the sources, who requested anonymity because the discussions are confidential.

Palm Beach Gardens, Florida-based Chromalloy is the only remaining business of Sequa Corporation, which Carlyle acquired in 2007.

Carlyle and Veritas did not immediately respond to requests for comment.

Founded in 1950, Chromalloy manufactures and provides maintenance to engine turbines and other similar machinery used in the aviation, energy and defense industries. Chromalloy was acquired by Sun Chemical in 1986 and the merged company was rebranded as Sequa Corporation.

Chromalloy will be Veritas Capital's latest acquisition in the aerospace and defense sector. In 2015, Veritas acquired aircraft servicing firm StandardAero Aviation for about $2 billion and sold it to Carlyle for more than $5 billion in 2018. Veritas sold engineering firm Alion Science and Technology to Huntington Ingalls Industries for $1.65 billion in cash in 2021. New York-based Veritas has more than $40 billion in assets under management spread across technology, engineering services, and aerospace and defense.

(Reporting by Chibuike Oguh in New York and Mike Stone in Washington Editing by Matthew Lewis)