ID :
67065
Mon, 06/22/2009 - 16:39
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Shortlink :
https://oananews.org//node/67065
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Abu Dhabi's Waha Capital agrees to acquire 50% stake in $2.4 bn AerVenture
Abu Dhabi, June 22, 2009 (WAM) - Abu Dhabi-based investment holding company Waha Capital PJSC has agreed to acquire a 50 per cent stake in AerVenture Limited.
The remaining 50 percent will be held by AerVenture's current parent company NYSE-listed global aviation company AerCap. The parties have committed to a combined total equity investment in AerVenture of US$270 million.
The joint venture will significantly extend Waha's footprint and presence in the global aircraft leasing sector and was signed in Abu Dhabi today by Salem Rashid Al Noaimi, Chief Executive Officer of Waha Capital and Klaus Heinemann, Chief Executive Officer of AerCap. Completion of the transaction is scheduled before the end of June 2009.
AerVenture, established in 2006 with a focus on new Airbus A320 family aircraft, has a US$ 2.4 bn asset base that includes 22 A320s plus firm orders for a further 32. The company's founding partnership with Kuwait's LoadAir/Al Fawares ended earlier this month.
Addressing the media following the signing, Salem Rashid Al Noaimi, CEO of Waha Capital, said the AerVenture joint venture is an example of the promising opportunities on offer in the current economic environment, opportunities that Abu Dhabi is leveraging to fulfil its diversification goals. The joint venture partners have also agreed a number of separate individual aircraft transactions, including the purchase by AerVenture of an Airbus A320 from Waha, and the purchase by AerCap's subsidiary AeroTurbine of four vintage A320 family aircraft, Al Noaimi added.
The signing ceremony was attended by senior leadership from both companies and other government representatives.
The remaining 50 percent will be held by AerVenture's current parent company NYSE-listed global aviation company AerCap. The parties have committed to a combined total equity investment in AerVenture of US$270 million.
The joint venture will significantly extend Waha's footprint and presence in the global aircraft leasing sector and was signed in Abu Dhabi today by Salem Rashid Al Noaimi, Chief Executive Officer of Waha Capital and Klaus Heinemann, Chief Executive Officer of AerCap. Completion of the transaction is scheduled before the end of June 2009.
AerVenture, established in 2006 with a focus on new Airbus A320 family aircraft, has a US$ 2.4 bn asset base that includes 22 A320s plus firm orders for a further 32. The company's founding partnership with Kuwait's LoadAir/Al Fawares ended earlier this month.
Addressing the media following the signing, Salem Rashid Al Noaimi, CEO of Waha Capital, said the AerVenture joint venture is an example of the promising opportunities on offer in the current economic environment, opportunities that Abu Dhabi is leveraging to fulfil its diversification goals. The joint venture partners have also agreed a number of separate individual aircraft transactions, including the purchase by AerVenture of an Airbus A320 from Waha, and the purchase by AerCap's subsidiary AeroTurbine of four vintage A320 family aircraft, Al Noaimi added.
The signing ceremony was attended by senior leadership from both companies and other government representatives.
