British company AJ Walter Aviation (AJW) is set to buy Aveos's component repair business.
The terms of the deal haven't yet been disclosed publicly but a letter of intent to buy Aveos's maintenance facilities has been signed.
The union that represents Aveos workers says AJW appears to be a good employer.
"They have a different approach," said Richard Guay, president of Local 1751 of the International Association of Machinists and Aerospace Workers.
"They are all over Europe, and they have their own customers, they have their own agenda, they could do their business without Air Canada."
Aveos declared bankruptcy last March, laying off 2,600 workers, including 1,800 in Montreal.
Only a small portion of those who lost their jobs in March will resume employment with the company, which leaves the union with "a mixed feeling", Guay said.
"It's good news and bad news. We still have 1,500 people out in the streets."
AJW has installations in London, Dubai, Singapore and Miami, and does business with more than 700 airline companies in several countries.