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Aircraft manufacturer Airbus is selling its defense electronics business for about $1.1 billion

Rheinmetall, the German defence group and French peer Thales are among others who are interested in a defense electronics business that airplane manufacturer Airbus is putting up for sale. The move is an effort to organise its operations. The price of the business, which is dubbed as Orlando, and is being led by investment bank Evercore, may touch 1 billion euros ($1.1 billion). Other interested parties in the sale include Raytheon and private equity firms Carlyle, Bridgepoint, CVC, KKR, KPS and Triton, who are also putting in tentative bids for the buyout. Airbus, Europe's largest aerospace group, is currently selling several businesses to focus its defense division on warplanes, missiles, launchers and satellites.