US investor Robert Fessler has signed a framework agreement to buy 94% of Czech aero-engine manufacturer Walter, despite a decision by his would-be joint venture partner Tony Ryan, the founder of Irish low-cost airline Ryanair, to withdraw from the takeover deal at the last minute.
The pair had planned to purchase the stake from state-held Aero Holding through a 50:50 joint venture company.
Under the revised arrangement, the company will be held entirely by Fessler, who recently disposed of his stake in US engine parts distributor AGES to Sweden's Volvo Aero.
The deal to acquire the engine maker, which is expected to be completed by the end of this year after the Czech Government gives its seal of approval, was exclusively revealed by Flight International last month (6-12 October).
Under its new ownership, Walter will co-operate closely with Volvo Aero, and act as a vehicle for Saab and British Aerospace to channel offset work into the Czech Republic as part of the two companies' efforts to sell the Gripen fighter to the air force.
Source: Flight International
