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Berkley sells aviation subsidiary

Posted On: Jul. 18, 2016 12:00 AM CST

W.R. Berkley Corp. on Monday said it has an agreement to sell a wholly owned investment, Aero Precision Industries, and certain related aviation services businesses.

Terms of the deal were not disclosed. Greenwich, Connecticut-based Berkley expects to realize a pretax gain of approximately $130 million on the sale, the company said in a statement.

The company declined to disclose the buyer.

Aero Precision is a supplier of OEM systems and aftermarket aircraft spares.