FRANKFURT, Nov 21 (Reuters) - DaimlerChrylser said on Friday it had sold its MTU aero engines business to U.S. private quity firm Kohlberg Kravis Roberts & Co, the carmaker's latest step to shed non-core assets.
The company gave no price for the sale, but sources close to the deal have said that Daimler will sell MTU to KKR for 1.45 billion euros ($1.73 billion). The deal, reported by Reuters earlier this week, brings to an end a months-long bidding process that also saw Doughty Hanson and other private equity houses including The Blackstone Group and Carlyle come in and out of the race. The deal, to be completed by the end of December, will give a welcome boost to the bottom line of the world's fifth biggest carmaker as it struggles to return its U.S. Chrysler unit to long term profits.