WAHA TAKES STAKE IN AERCAP
Abu Dhabi investment holding company Waha Capital is to acquire a 20% stake in Netherlands-headquartered lessor AerCap in exchange for $105 million in cash, its 50% interest in AerVenture and a 40% interest in its 16-aircraft portfolio. AerCap values the transaction at $380 million. Mubadala is the main institutional shareholder in Waha Capital.
CEBU PACIFIC OFFERING RAISES HALF A BILLION
In its initial public offering on the local stock exchange, Filipino carrier Cebu Pacific raised 23.3 billion pesos ($540 million), an amount 28% lower than the 32.2 billion pesos targeted by its parent JG Summit. A 30.4% stake in the airline was sold to investors. Proceeds will be used for aircraft acquisition, with Cebu Pacific due to take 22 new Airbus A320s by 2014.
B/E FASTENS ON TO SATAIR UNIT
US cabin interiors specialist B/E Aerospace is buying the aerospace fastener distribution business of Denmark's Satair for about $162 million in cash. It says the deal will expand its consumables product range to include metric fasteners, latches, cables and lighting products. The transaction is to close by year end.
HAMBURG FILING LEAVES A319 DEAL HANGING
Hamburg International's decision to file for insolvency leaves an Airbus aircraft order unfilled. The German charter carrier ordered 14 A319s in 2006, increasing this by two in 2008, but only 10 of the aircraft have been delivered. A hunt for new investors "could not be implemented as quickly as necessary", but the administrator is in "negotiations with interested parties", says the airline.
A310 CORROSION A FACTOR IN BLUE LINE DEMISE
Vermeer Capital says that failed French charter carrier Blue Line, to which it supplied a cash infusion in March, faced "a series of completely unforeseen and unfavourable events" including airspace closures due to volcanic ash and mechanical problems that increased maintenance and leasing costs. Blue Line's A310 aircraft had been grounded since June following the discovery of corrosion.
ATK GETS NOD FOR NOZZLES RESEARCH
Boeing has contracted ATK to develop prototype jet-engine exhaust nozzles of ceramic matrix composite construction for the US Federal Aviation Administration-sponsored "continuous lower energy, emissions and noise" research and development programme. San Diego-based ATK affiliate COI Ceramics will manufacture the nozzles, to be demonstrated on a Boeing 737NG in 2012.
NO IMMUNITY FOR IRAQI AIRWAYS IN KUWAITI CASE
Kuwait Airways has secured a Canadian Supreme Court ruling rejecting Iraqi Airways' attempt to block war-reparations compensation by claiming state immunity. Canadian airframer Bombardier has become embroiled in the long-running case relating to the destruction of Kuwait Airways' fleet during the Gulf conflict of 1990. The Kuwaiti carrier's lawyers maintain that CRJs ordered by the Iraqi government are destined for Iraqi Airways and can be seized to help pay off a compensation bill of some $1.2 billion.
AIRBUS EXTENDS RUAG SUPPLY DEALS
Swiss technology firm Ruag has won contracts to continue supplying wing end-pieces and fuselage sections to Airbus.
Source: Flight International
