GPA shareholders have approved an equity purchase which looks set to put US group Texas Pacific in control of the Irish leasing company. If, by the closing date of 19 November, there has been no valid objection to the deal, Texas Pacific will own 62.63% of the Shannon, Ireland-based company's equity.
The alternative was to wait for GE Capital, which in 1993 had saved the company from imminent bankruptcy, to exercise options at $0.60 per share rather than the $1.56 which Texas chief David Bonderman has offered. With this injection of capital, the company intends to "-restructure its relationship with GE Capital", according to GPA.
Sources in Ireland believe that shareholders Aer Lingus and Air Canada will probably sell some or all of their shares, but GPA founder Tony Ryan has said that he will keep his 7% shareholding and also that GPA employees will retain their 15% stake.
Source: Flight International
