30th Mar 2016 08:28
LONDON (Alliance News) - Aviation services company BBA Aviation Ltd on Wednesday said it has agreed to sell six fixed-based operations for USD190.0 million under the regulatory remedies required to secure approval for the acquisition of Landmark Aviation.
BBA has sold the businesses to KSL Capital Partners LLC, which has partnered on the acquisition with Jeffrey Ross, the former president and chief executive of Ross Aviation. Ross will manage the assets following the deal closing.
The sites sold are based in New York, Virginia, Arizona, Alaska and two in California.
BBA struck a deal to buy Landmark, its US peer, in September for USD2.07 billion.
"We are pleased to announce this successful disposal, which follows the transformational acquisition of Landmark Aviation. Since completing the acquisition in February, we have made good progress with the integration which is proceeding to plan. We look forward to updating the market in due course as we realise the full potential of the expanded group," said Simon Pryce, BBA's chief executive.
Shares in BBA were up 2.3% to 202.20 pence Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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