An aerospace firm with a Cheltenham base is set to be sold in a deal worth £1.121billion.

Ontic, a leading provider of high-quality OEM-licensed for legacy aerospace platforms will be sold by BBA Aviation PLC to private equity firm CVC Fund VII for $1.353billion, if approved by shareholders.

Based at the Cleeve Business Park in Bishop's Cleeve, Ontic was acquired by BBA Aviation in 2006 in a deal worth $67million.

The Cleeve base provides fuel gauging and measurement equipment to Airbus for their A320 aircraft and in 2015 the plant earned certification from the US Federal Aviation Authority.

The proposed transaction has been unanimously approved by the BBA board of directors who believe the sale would be in the best interest of shareholders.

Completion is expected during the fourth quarter of 2019 with BBA Aviation CEO Mark Johnstone saying the deal offered "compelling value to BBA shareholders."

Mr Johnstone said: "Ontic was acquired by BBA in February 2006 for $67 million and has grown successfully through the acquisition of licences, organic and inorganic growth, and a disciplined approach to investment.

"This success has been based on trusted partner relationships with key aviation original equipment manufacturers.

"It now supports more than 39,000 legacy aircraft, through its portfolio of over 165 licences for more than 7,000 parts and over 1,200 customers worldwide.

"I would like to take this opportunity to thank all of our Ontic employees for their contribution to BBA Aviation over the years, and wish them well in the next stage of their journey.

James Mahoney, Senior Managing Director, CVC Capital Partners commented: "Ontic is a growing, highly resilient business and a leading player in what we believe to be a very attractive market.

"We see multiple opportunities to develop the business further and look forward to working closely with Ontic's excellent management team to take the company to the next level."