Waha to acquire stake in Dutch aircraft firm
Abu Dhabi, October 25, 2010
Abu Dhabi-listed investment holding company Waha Capital has agreed to acquire a 20 per cent stake in Dutch aircraft leasing company AerCap Holdings NV in a transaction valued at $380 million, AerCap said on Monday.
Waha Capital will acquire about 29.8 million shares in AerCap in exchange for $105 million in cash, Waha's 50 per cent interest in AerCap's unit AerVenture, and the transfer of a 40 per cent interest in Waha's 16-aircraft portfolio, AerCap said in a statement.
The deal will help Waha, with a market value of $372.7 million, to diversify its current aviation exposure by investing in a larger and more modern fleet, Waha chief executive Salem Rashid Al Noaimi said in the statement.
The transaction is scheduled to close by mid-November, he added.
Under the terms of the agreement, AerCap will provide all management services for Waha's aircraft portfolio in return for servicing fees, and will open a representative office in Abu Dhabi, the company said.
Waha Capital had bought a 50 per cent stake in AerVenture in June 2009. Under the latest deal, AerCap will resume full control of AerVenture, AerCap said.
Waha's 16-aircraft portfolio consists of Airbus A330 and Boeing 777 wide-body aircraft, Airbus A320, A321, Boeing 737 and Bombardier regional jet aircraft. The company's main institutional shareholder is Mubadala Development Company.
AerCap shares, which have gained about 13 per cent in value since March 25 when it bought rival Genesis Lease, closed at $12.63 on Friday on the New York Stock Exchange.-Reuters