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Monday, June 27th, 2022

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Battle for Spirit Airlines heats up as ISS now recommending Frontier offe

The battle between Frontier Group Holdings (Frontier) and JetBlue Airways Corp. (JetBlue) for the acquisition of Spirit Airlines Inc. (Spirit) has taken another twist as proxy advisory firm Institutional Shareholder Services Inc (ISS) has changed its recommendation subsequent to the most recent revised offer from Frontier.

"On balance, support for the merger with Frontier on the revised terms is warranted," the proxy firm stated in its most recent report. The reason for the change in advice comes on the back of an offer on June 24 from Frontier of an additional US$2.00 per share, which has now matched the US$2.00 increased offer per share from JetBlue. Under the revised terms, Frontier will bump up the cash component of the deal to US$4.13 per share, along with 1.9126 Frontier shares in the cash-and-stock deal. Additionally, Frontier is offering a prepayment of US$2.22 per share compared to JetBlue’s US$1.50.

Frontier has also increased its reverse termination fee from US$250 million to US$350 million. Another reason why Spirit will be more interested in the Frontier offer is the belief that JetBlue will struggle to get approval from U.S. regulators for the merger with Spirit as a consequence of its Northeast Alliance partnership with American Airlines. Spirit shareholders are due to hold a vote on the Frontier deal on June 30.

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Government of Cyprus orders six H145 helicopters

The Government of Cyprus has signed a contract with Airbus Helicopters for the purchase of six H145Ms with an option for another six aircraft. The five-bladed helicopters will be operated by the Cypriot National Guard.

“The implementation of this agreement will provide the National Guard with a cost-effective and high-performance helicopter solution that satisfies the operational requirements set by the General Staff and addresses many of the future challenges of light attack helicopter fleets. Able to operate in very demanding environments, the H145M will enhance the National Guard’s day and night capabilities in delivering rapid response, fire power and precision, providing effective combat support, and acquiring critical information,” said Andreas P. Louka, Permanent Secretary of the Ministry of Defense of the Republic of Cyprus.

Fritz Joussen, CEO of TUI, hands over his position to Sebastian Ebel

Sebastian Ebel, currently Chief Financial Officer, is to become CEO of TUI. After around ten years at the helm, Fritz Joussen will hand over his position as CEO of the tourism group at the end of September. He is exercising a right of resignation granted in connection with the conditions of the Corona stabilisation measures. He has informed the Chairman of the Supervisory Board, Dr Dieter Zetsche and the employees of the Group of his decision.

The Presiding Committee of the Supervisory Board will propose to the Supervisory Board of TUI AG to appoint Ebel as CEO, effective October 1, 2022. The Presiding Committee of the Supervisory Board will propose to the Supervisory Board the appointment for a period of three years.

Mathias Kiep, previously Group Director Controlling, Corporate Finance and Investor Relations, is to become the new Chief Financial Officer. The Presiding Committee of the Supervisory Board has also discussed this appointment and will propose it to the Supervisory Board with an appointment period of three years. Kiep has many years of capital market and transaction experience and has worked in investment banking at Lazard and BNP Paribas, among others.

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Embraer signs contract for up to ten passenger-to-freight conversions

Embraer has signed a firm order for up to ten Embraer E-jets passenger-to-freight (P2F) conversions with an undisclosed customer. Aircraft for conversion will come from the customer’s current E-jets fleet, with deliveries starting in 2024.

This is the first firm contract for Embraer’s P2F, being the second agreement for this kind of operation. In May, Embraer and Nordic Aviation Capital (NAC) announced an agreement in principle to take up to ten conversion slots for E190F/E195F.

The conversion-to-freighter will be performed at Embraer’s facilities in Brazil and includes main deck front cargo door; cargo handling system; floor reinforcement; Rigid Cargo Barrier (RCB) – 9G Barrier with access door; cargo smoke detection system (class E main deck cargo compartment), Air Management System changes (cooling, pressurization, etc.); interior removal and provisions for hazardous material transportation.

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Rolls-Royce signs TotalCare agreement with South Korean airline T’way

Rolls-Royce and South Korean airline T’way have signed a TotalCare® service agreement for Trent 700 engines that will power three Airbus A330 aircraft.

The agreement is the first time T’way has selected TotalCare – adding another new member to the global family of operators relying on this service. It also marks the first time Trent 700 engines have been operated by a South Korean airline, continuing to demonstrate the global reach of an engine that has now accrued more than 60 million flying hours worldwide.

Spain orders 20 Eurofighter jets

The NATO Eurofighter and Tornado Management Agency (NETMA) has signed a landmark contract for the acquisition of 20 latest generation Eurofighter jets. Known as the Halcon programme, the order will cover the delivery of a fleet of E-Scan (Electronically Scanned) radar equipped fighter aircraft consisting of 16 single-seaters and four twin-seaters to replace the F-18 fleet operated by the Spanish Air Force on the Canary Islands.

This contract will see the Spanish Eurofighter fleet grow to 90 aircraft. With the first delivery due in 2026, these new aircraft will enhance and position the Spanish Air Force fighter fleet among its NATO allies with the most modern fighter jet developed in Europe, as well as securing industrial activity through to 2030.

HAECO Group selects dentCHECK from 8tree to enhance maintenance operation

HAECO Group has begun using 8tree’s dentCHECK tool to enhance the efficiency and quality of its dent-mapping activities. In particular, HAECO Hong Kong and HAECO Americas are already making use of dentCHECK’s new automatic large-area mapping capability to drastically reduce the time taken for inspecting incoming hail-damaged aircraft.

dentCHECK is the only handheld-portable, completely wireless 3-D scanner tool with integrated AR that is purpose-built for the aviation maintenance industry. The tool delivers real-time ‘go/no-go’ answers at the push of a single-button and significantly reduces damage-mapping and reporting times, compared to traditional manual methods that use depth-gauges and straight-edges.
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