Category: Financial

Singapore’s SATS to become No #1 global air cargo handler with purchase of Worldwide Flight Services

©Worldwide Flight Services (WFS) to be acquired by SATS

Singapore Airport Terminal Services (SATS) has announced it has agreed to purchase Worldwide Flight Services (WFS) for US$ 1.14 billion in cash from an affiliate of U.S. private equity firm Cerberus Capital Management. SATS will raise US$797 million in equity to fund the purchase and the deal will transform SATS into the largest global air cargo handler with a current market value of US$3 billion. Its principal shareholder is Tamask Holdings, as Singapore state investor, which has provided an irrevocable undertaking to vote in favour of the transaction. The two combined entities will create a company with the immediate capability Read more

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Sabena technics acquires Héli-Union Group

©Sabena technics has completed the acquisition of the Héli-Union Group

Sabena technics, supported by its shareholders Sagard, BPI France and Towerbrook, completes the full acquisition of the Héli-Union Group and strengthens its position as a key player in the military helicopter maintenance sector. The acquisition of Héli-Union is fully in line with the Group’s strategy to build a leading European player in the market for the supply and maintenance of helicopters. This strategy, initiated ten years ago through organic growth then accelerated in 2020 – thanks to the acquisition of Aeromecanic in Marseille-Marignane- is now taking on greater scope with the creation of a helicopter division, which will represent a Read more

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Rex finalises purchase of National Jet Express

On September 30, Rex has finalised the purchase of National Jet Express ©Rex

Rex has announced that it has bold plans to grow and transform its latest acquisition into Australia’s premier Fly-In-Fly-Out (FIFO) operator, signalling a major expansion into Queensland and the Northern Territory. This follows the completion of the purchase of National Jet Express (NJE) on September 30, the regional services arm of Cobham Aviation Services Australia, focusing on FIFO activities. In anticipation of the surge in demand for NJE’s services, Rex is looking to immediately lease another two De Havilland Canada Dash 8-400 NextGen (NG) aircraft to add to its fleet. The company will continue to invest in new aircraft and Read more

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Boeing and Muilenburg agree to pay Securities Commission US$200 million over misleading 737 MAX statements

©Boeing 737 MAX

American planemaker Boeing Co. together with its former CEO Denis Muilenburg have agreed to pay the American Securities and Exchange Commission (SEV) a fine of US$200 million for having misled the public over the two fatal crashes of its 737 MAX jet. The SEC has alleged that both Boeing and Muilenburg knew that there was a problem with the flight control system after the first crash involving a Lion Air jet which resulted in the death of 189 passengers and crew, and that it represented an ongoing concern. Despite this, they made it clear that as far as they were Read more

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Embraer announces investment in XMobots

©Embraer is to acquire a minority shareholding in XMobots, a drone company in São Carlos, Brazil

Embraer has signed an investment agreement to acquire a minority shareholding in XMobots, the largest drone company in Latin America with operations in São Carlos, in the São Paulo countryside. The transaction will be made via an investment fund in which Embraer is the sole partner, with an additional investment option in the future. The conclusion is subject to accomplishment conditions and obtaining the usual approvals for this type of transaction. The deal aims to accelerate the future of the medium and large autonomous drone market and jointly explore new market niches. It also seeks to expand the collaboration network Read more

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TrueNoord secures US$400 million financing facility

TrueNoord CEO Anne-Bart Tieleman ©TrueNord

TrueNoord has closed a new revolving warehouse finance facility of US$400 million which will be seeded with 17 aircraft already owned by TrueNoord and which can be extended further by an accordion feature. The facility will be used by the specialist regional aircraft lessor to finance business development and expand its portfolio of 50-150-seat aircraft which includes jets and turboprops from Embraer, ATR, Airbus, MHI-RJ and De Havilland Canada. The new facility is provided by Citibank, Société Générale Corporate & Investment Banking, Royal Bank of Canada, and NordLB. It will be used to fund new acquisitions and supports TrueNoord’s targeted Read more

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Rolls-Royce completes sale of ITP Aero

©Rolls-Royce

Rolls-Royce has completed the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity, at an enterprise value of approximately €1.8 billion. The completion of the transaction, which was announced on September 27, 2021, follows the announcement on August 3, 2022, of approval of the transaction from the Spanish government. Sale proceeds were €1.6 billion. In addition, a dividend of €0.1billion was paid shortly prior to completion. The proceeds will be used to reduce debt with the immediate repayment of Rolls-Royce’s £2 billion loan, which is supported by an 80% guarantee from UK Export Finance, Read more

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Apollo funds commit up to US$1.5 billion to Embraer customer financing agreement

Embraer S.A. (Embraer) has signed a memorandum of understanding with an affiliate of Apollo, on behalf of its clients and managed funds, with respect to a US$1.5 billion (£1.3 billion) customer financing programme for Embraer’s regional aircraft. Apollo, working alongside Embraer, will offer a comprehensive range of innovative and bespoke solutions across the spectrum of customer and delivery financing. The programme also includes options to explore financing for customers’ ESG -focused projects, such as the development of green technologies. Apollo’s financing capabilities encompass various debt financing alternatives along with PDP (Progress Delivery Payment) financing and a full suite of leasing Read more

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Lufthansa fully back in private hands

©Lufthansa

The Economic Stabilization Fund of the Federal Republic of Germany (WSF) has released that all the remaining shares of its holding in Deutsche Lufthansa AG has been sold to various investors via an accelerated book building process. The WSF last held around 6.2% of the company’s share capital (74.4 million shares). The WSF had acquired its original shareholding of 20% of the share capital of Deutsche Lufthansa AG for €306 million (£266 million) in the summer of 2020. It was agreed at the time that the holding would be sold by October 2023 at the latest. Deutsche Lufthansa AG had Read more

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Parker-Hannifin Corporation completes acquisition of Meggitt for £6.3 billion

Parker-Hannifin Corporation, a global leader in motion and control technologies, has completed its acquisition of Meggitt PLC for approximately £6.3 billion. Meggitt, headquartered in Coventry, UK, had annual revenue of approximately £1.63 billion for the 12-months ending June 30, 2022 and employs more than 9,000 team members serving customers around the world. Meggitt has diverse aerospace and defence exposure with technology and products on almost every major aircraft platform.  The transaction is expected to drive significant value creation for shareholders through increased organic growth, stronger cash flow and add to Parker’s earnings per share, excluding one-time costs and deal related amortisation. Meggitt will add Read more

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