SAirGroup is to form a joint venture with US aero-engine lessor Willis Lease Finance in a move allowing the Swiss company to offer a full package of aircraft/engine lease and maintenance services.
Under the terms of a letter of intent, SAir will take a minority stake in Sausalito, California-based Willis through its Flightlease and SR Technics subsidiaries. The stake will be in the form of "the purchase of a significant amount of newly issued common stock", says the US company's president and chief executive Charles Willis.
Willis specialises in the lease of spare commercial aircraft engines, rotable parts and aircraft to airlines, engine manufacturers and repair specialists. It also sells used and refurbished engines and engine and airframe components.
Source: Flight International
