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Klaus Heinemann, CEO, AeroCap Holdings and Salem Al Nuimi, CEO, Waha Capital at the signing ceremony |
Waha Capital, Abu Dhabi-based investment holding company, has agreed to acquire a 50% stake in AerVenture Limited, an integrated global aviation company. AerCap, AerVenture's current parent company, will hold the remaining 50%. The parties have committed to a combined total equity investment in AerVenture of $270 million. The joint venture will significantly extend Waha's footprint and presence in the global aircraft-leasing sector. Completion of the transaction is scheduled before the end of June 2009.
Salem Rashid Al Noaimi, CEO, Waha Capital, said, "We are extremely confident in this equity investment in AerVenture. Particularly in a sector as challenging as aviation, choosing a partner with the right credentials, expertise and commitment to long-term growth is critical. We believe AerCap is such a partner, and are convinced our investments in AerVenture will significantly benefit stakeholders in both companies."
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.
