22nd Sep 2014 08:00
LONDON (Alliance News) - Commercial passenger aircraft leasing company Avation PLC Monday said it has agreed a deal to buy an additional stake in aircraft leasing company Capital Lease Aviation PLC.
The deal will give Avation a 90.6% holding of voting rights in CLA's issued share capital. The company is paying 20.5 pence per share for 21.1 million shares in the business and is buying the additional stake from the second-largest shareholder in CLA, it said.
"This further consolidates Avation's holding in CLA. The transaction is net asset accretive. Avation has been growing its asset base and recently announced a broadening of its business activities with new aircraft lessees in Europe and Asia," said Avation Executive Chairman Jeff Chatfield.
Avation shares were up 0.3% to 162.00 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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