(Yicai Global) Jan. 4 -- Guangzhou Hangxin Aviation Technology Co. [SHE:300424] will invest EUR43.1 million (USD52 million) in cash to acquire 100 percent stake in Estonia's Magnetic MRO AS to gain quick access to aircraft base maintenance and aviation materials trade markets in Europe.

The company has already signed equity purchase agreements with five shareholders of Magnetic MRO, including Baltcap Private Equity Fund, said the Chinese aviation maintenance service provider in a statement yesterday.

The acquisition will help Hangxin Aviation Technology make fast inroads into the European market segments of aircraft base maintenance and aviation materials trade, make overall layout of the entire aviation maintenance industry chain to enhance its international competitiveness, the statement said.

The main businesses of the Estonian aviation maintenance company include aviation base and line maintenance, sales, leasing and management of aviation equipment including engine solutions, interior design and manufacturing and dismantling of aircraft, with operations covering Britain, Lithuania and some other regions.