Héroux-Devtek acquires Québec-based Alta Précision

Landing gear manufacturer, Héroux-Devtek, has concluded the acquisition of all the outstanding shares of Montreal-based Alta Precision Inc., a manufacturer of high-precision landing gear components. The transaction, which is subject to final purchase price adjustments, is valued at CA$23 million and was funded through the Corporation’s credit facilities. Héroux-Devtek, with its head office in Longueuil, Québec, has 1,960 employees around the world, of which approximately 800 are located in Québec following the acquisition of Alta Precision Inc. Since its inception in 1942, Héroux-Devtek has grown from a small repair and overhaul facility to a world-class supplier of landing gear and Read more

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STAR Capital completes acquisition of ASL

STAR Capital closes acquisition of ASL ©David O'Shea

European fund manager STAR Capital Partnership has completed the acquisition of global aviation group, ASL Aviation Holdings (ASL). An agreement to acquire ASL was announced in February 2019 subject to customary approvals. Headquartered in Dublin, Ireland, ASL is a global aviation services provider with operations on six continents. The group operates 130 aircraft ranging from Boeing 747 to ATR Turbo Prop offering network solutions to express freight integrators and passenger airlines. In addition, the Group operates scheduled and charter flights under its own brands. The Group’s multiple airlines provide ASL with wide-ranging traffic rights and valuable slots at key airports Read more

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Rolls-Royce transfers £4.8 billion of assets to Legal & General

©Rolls-Royce

In what is seen as the U.K.’s largest-ever transfer of corporate pension risk, Rolls-Royce announced today (Thursday) that it is to shift £4.8 billion of assets to the insurer Legal & General. This is becoming a more frequent occurrence as companies look to remove pension scheme risks from their balance sheets with consultants predicting the U.K. will see roughly €30 billion in pension transfer deals in 2019 alone. Where Rolls-Royce is concerned, the transaction equates to the assets and liabilities of approximately 33,000 out of 76,000 pensioners in its U.K. pension fund. It is estimated the engine maker for the Read more

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Mitsubishi Heavy Industries looking to acquire Bombardier regional jet program

The CRJ550 ©Bombardier

Having successfully negotiated a deal where Airbus acquired an 80% stake in the ailing CSeries of Bombardier jets, the Canadian plane and train maker is now in discussion with Mitsubishi Heavy Industries Ltd (Mitsubishi) over the acquisition of its Canadair Regional Jet (CRJ) series according to The Air Current, which also indicated that a firm decision might be announced by the beginning of the Paris Air Show which begins on June 17. As a result of the news, the share price of Bombardier jumped 14 percent. Mitsubishi has been struggling with its own regional jet, the MRJ. Delivery has been Read more

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Aviation Capital Group increases unsecured revolving credit facility to US$2.0 billion

Aviation Capital Group (ACG), a leading aircraft operating lessor, has announced the upsize, amendment and extension of its five-year unsecured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein. Total commitments increased by US$370 million, to approximately US$2.0 billion, and the maturity date was extended to June 3, 2024.  Together with another unsecured revolving credit facility, ACG has US$2.2 billion of revolving commitments from 24 financial institutions globally.

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Boeing invests in Commercial UAS services provider Robotic Skies

©Robotic Skies

Boeing has announced its investment in Robotic Skies, a services provider that connects manufacturers and operators of commercial unmanned aircraft systems (UAS) with a global network of more than 170 civil aviation authority-certified repair stations. The investment is part of Boeing’s disciplined, long-term strategy of entering into value-added partnerships that enhance and accelerate growth and deliver key differentiators for customers. “Unmanned and autonomous commercial aircraft operations are increasingly mirroring those in manned aviation, including the need for quality maintenance provided by certified technicians,” said Brad Hayden, founder and CEO of Robotic Skies. “This latest investment will allow us to continue Read more

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Bombardier closes sale of Q Series aircraft program to Longview

Bombardier has closed the previously announced sale of the Q Series aircraft program assets to De Havilland Aircraft of Canada (formerly Longview Aircraft Company of Canada), an affiliate of Longview Aviation Capital Corp., for gross proceeds of approximately CA$300 million. Net proceeds are expected to be approximately CA$250 million after the assumption of certain liabilities, fees, and closing adjustments. Longview will carry on the production of Q400 aircraft at the Downsview Facility in Toronto, and will continue performing aftermarket services for Q Series aircraft. Bombardier will provide transitional services and will license certain intellectual property to Longview to facilitate a seamless Read more

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Stratos closes inaugural ABS, first securitisation featuring JOL equity

Stratos, the global aircraft investment specialist, has closed the inaugural ABS featuring securitised debt, with equity sourced from the Japanese Operating Lease (“JOL”) market. The transaction was arranged on behalf of JP Lease (Japan), the leading JOL arranger. JP Lease sponsored the deal and underwrote the equity to sell to its diversified pool of Japanese corporate clients. The fifteen securitized aircraft were acquired with leases attached (to Air Canada, Scoot, Qatar, FlyDubai, Gulfair, Air Asia, Malindo, Philippine Airlines, TACA, Brussels Airlines and Batik) from two separate sellers (GECAS and Standard Chartered). Stratos arranged the acquisition and novation of the aircraft, Read more

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Air Partner’s freight division reports second year of record results

©Air Partner's freight division delivers second year of record results

The Freight division at global aviation services group Air Partner has delivered a second year of record results. As announced in Air Partner’s recent full year results for the year ended 31 January 2019, Freight gross profit for the year was up 45.3% to £4.9 million, accounting for 13.8% of the group’s overall gross profit. Over the course of the last financial year, the group invested in people across its regional offices, expanded its team in Turkey and established a new team in the US, in addition to winning sizeable mandates from a variety of new and existing clients. Cargo Read more

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SAS pilot strike hits second-quarter results hard

©SAS

The six-day pilots’ strike which ended May 2, is estimated to have cost Scandinavian Airlines 650 million kroner (US$68 million) and contributed heavily to the carrier’s 1.2 billion kroner (US$125 million) loss for the second quarter of its financial year. The strike, which began April 26, was the consequence of a breakdown in negotiations between SAS and SAS Pilot Group, which represented 95% of the carrier’s pilots in Sweden, Denmark and Norway. In total, over 4,000 flights were canceled, affecting more than 370,000 passengers. To summarize the second-quarter results (2018 figures in brackets): Revenue: SEK 10,187m (9,916m) Income before tax Read more

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