Spanish aerospace components supplier ITP Aero has signed a binding agreement to acquire CFM56 engine overhaul and repair specialist, Aero Norway.

The agreement marks a significant step in ITP Aero’s global growth strategy and reinforces its commitment to expanding its aftermarket service capabilities.

Based in Stavanger, Norway, Aero Norway serves a growing customer base that includes airlines, lessors, and asset managers worldwide. The company operates out of a state-of-the-art facility at Sola Airport and employs over 200 highly skilled workforce.

ITP Aero says this acquisition aligns with its strategic focus on strengthening its position in the global aerospace aftermarket, particularly in key large commercial platforms.

The two companies bring highly complementary strengths: Aero Norway’s deep overhaul expertise in CFM56, combined with ITP Aero’s MRO offerings, robust engineering base and advanced component repair capabilities, creates powerful synergies that enhance the value and competitiveness of their combined aftermarket services.

This strategic milestone is the latest step in ITP Aero’s MRO growth strategy, strengthened following Bain Capital’s acquisition of ITP Aero in 2022.

It follows the acquisition of BP Aero in the US in 2023 and ITP Aero’s recent selection to join Pratt & Whitney’s GTF MRO network, expanding its global footprint and capabilities across major engine platforms.

Eva Azoulay, chief executive of ITP Aero Group, said: “This acquisition reinforces our ambition to become a leading independent player in the aerospace aftermarket. Aero Norway’s expertise and capabilities will be instrumental in delivering exceptional value to our customers as we move forward together.”

Neil Russell, chief executive of Aero Norway, said: “By combining the complementary strengths of ITP Aero and Aero Norway, we will unlock significant synergies that enhance our competitiveness and deliver even greater value to our customers.

“We are pleased to join the ITP Aero Group and look forward to working together to drive innovation, technical excellence, and long-term growth in the global aerospace aftermarket.”

The acquisition of Aero Norway is expected to close during the first half of 2026, after obtaining the customary approvals.

ITP Aero was advised on legal M&A matters by Baker McKenzie.

READ MORE NEWS: ITP Aero added to Pratt & Whitney’s GTF MRO network