French aerospace firm Latecoere buys Canada's Avcorp

(Reuters) - French aerospace firm Latecoere has agreed to buy Avcorp for around 41 million Canadian dollars ($32 million) in cash, it said in a statement on Thursday.

Latecoere, which said the deal reflects a 38% premium to Avcorp's closing share price on Wednesday, expects to close in the third quarter of this year.

Chief Executive Thierry Mootz said the acqusition should boost the group's opportunities in North America's defence sector.

Latecoere's stock was up around 2% in early trade. Avcorp is majority owned by Panta Holdings BV.

(Reporting by Sarah Morland)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting