Air Contractors / ASL in takeover. Irish Times
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Air Contractors / ASL in takeover. Irish Times
CIARÁN HANCOCK Business Affairs Correspondent
DENIS O’BRIEN’S aviation leasing company Aergo Capital has sold its interest in Johannesburg-based subsidiary Safair to a Dublin-based listed company called ASL Aviation for an undisclosed sum.
Aergo acquired Safair in December 2008 for $80 million (€61.2 million) in cash. A spokesman for Aergo declined to comment on the transaction yesterday, but it is understood the sale has been in the pipeline for some time. It is an all-cash transaction.
The deal involves Aergo selling its interest in Safair Operations (Pty) Ltd, Safair Lease Finance (Pty) Ltd and three ATR72-500 aircraft.
This will leave Aergo owning 30 commercial aircraft that are on dry leases around the world. It also manages about 30 other aircraft on behalf of third parties.
The deal is subject to “several consent aspects” that are expected to be received in mid to late November, ASL said in a statement yesterday.
ASL has its head office in Dublin, providing aviation services to customers across Europe. Its fleet comprises 60 aircraft.
Latest accounts for Aergo Capital Ltd show its after-tax profits rose to $10.7 million in the year to the end of December 2008 from $4.1 million the previous year.
Its lease revenue rose to $49.3 million in 2008 from $45.4 million in the previous 12 months. The company also booked “other” income of $43.8 million, of which $38 million related to a profit on its acquisition of Safair.
Aergo’s accounts for 2008 did not capture the full impact of the Safair deal. The company forecasted a pre-tax profit of $20 million on turnover of $130 million for 2009.
Aergo was founded in 1999 by Mr O’Brien, who owns 85 per cent of the business, and chief executive Fred Browne, who holds the balance of the shares.
Link Here
O'Brien aviation firm sells interest in Johannesburg-based subsidiary - The Irish Times - Tue, Sep 21, 2010
DENIS O’BRIEN’S aviation leasing company Aergo Capital has sold its interest in Johannesburg-based subsidiary Safair to a Dublin-based listed company called ASL Aviation for an undisclosed sum.
Aergo acquired Safair in December 2008 for $80 million (€61.2 million) in cash. A spokesman for Aergo declined to comment on the transaction yesterday, but it is understood the sale has been in the pipeline for some time. It is an all-cash transaction.
The deal involves Aergo selling its interest in Safair Operations (Pty) Ltd, Safair Lease Finance (Pty) Ltd and three ATR72-500 aircraft.
This will leave Aergo owning 30 commercial aircraft that are on dry leases around the world. It also manages about 30 other aircraft on behalf of third parties.
The deal is subject to “several consent aspects” that are expected to be received in mid to late November, ASL said in a statement yesterday.
ASL has its head office in Dublin, providing aviation services to customers across Europe. Its fleet comprises 60 aircraft.
Latest accounts for Aergo Capital Ltd show its after-tax profits rose to $10.7 million in the year to the end of December 2008 from $4.1 million the previous year.
Its lease revenue rose to $49.3 million in 2008 from $45.4 million in the previous 12 months. The company also booked “other” income of $43.8 million, of which $38 million related to a profit on its acquisition of Safair.
Aergo’s accounts for 2008 did not capture the full impact of the Safair deal. The company forecasted a pre-tax profit of $20 million on turnover of $130 million for 2009.
Aergo was founded in 1999 by Mr O’Brien, who owns 85 per cent of the business, and chief executive Fred Browne, who holds the balance of the shares.
Link Here
O'Brien aviation firm sells interest in Johannesburg-based subsidiary - The Irish Times - Tue, Sep 21, 2010
