StandardAero Aviation Holdings and Airbus have announced that they have entered into exclusive negotiations with respect to an acquisition by StandardAero of Vector Aerospace from Airbus.

Vector Aerospace was purchased by Eurocopter (now Airbus Helicopters) in 2011 for $641m. However, just four years later, Airbus started looking for a buyer as part of a broader strategy to refocus on its core business.

Vector Aerospace is a Canada-based maintenance, repair and overhaul (MRO) company, providing support for turbine engines, components and fixed- and rotary-wing aircraft. It had sales of $700m in 2016 and employs approximately 2,200 people.

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

StandardAero is a global independent provider of services, including engine and airframe MRO, engine component repair, engineering services, interior completions and paint applications. StandardAero serves a diverse array of customers in business and general aviation, airline, military, helicopter, components, energy and VIP completions markets. The company was purchased by a New York-based private equity firm, Veritas Capital, in 2015.