GE Plans to Acquire Greenwich Air, UNC

General Electric Co. agreed to buy Greenwich Air Services Inc. and UNC Inc. for $875 million in cash and stock, making it the leader in servicing corporate jet engines. Fairfield, Conn.-based GE will acquire Miami-based Greenwich Air, which services large commercial aircraft engines, for $530 million, or $31 a share, in cash and stock. Greenwich employs 3,000 workers. GE also got the rights to acquire Annapolis, Md.-based UNC for $345 million, or $15 a share, in cash. UNC, which employs 7,000, mainly services smaller engines for corporate and military planes. GE also will assume an undisclosed amount of debt in the transactions. Greenwich and UNC together have revenue of $1.8 billion. Greenwich shares climbed $3.50 to close at $29 on Nasdaq, while UNC shares rose 75 cents to close at $14.375 on the NYSE. GE shares rose 50 cents to $105.875, also on the NYSE.