ABU DHABI: Abu Dhabi's investment holding company Waha Capital will acquire a 50 percent stake in AerVenture Limited, a unit of Dutch leasing firm Aercap. This was announced by Waha yesterday.
The joint venture, which will extend Waha's footprint and presence in the global aircraft leasing sector, was signed in Abu Dhabi yesterday by Salem Rashid Al-Noaimi, chief executive officer of Waha Capital, and Klaus Heinemann, chief executive officer of AerCap. Completion of the transaction is scheduled before the end of this month.
AerVenture, established in 2006 with a focus on new Airbus A320 family aircraft, has a $2.4 billion asset base that includes 22 A320s and firm orders for a further 32. The company's founding partnership with Kuwait's LoadAir/Al-Fawares ended earlier this month.
Al-Noaimi said the AerVenture joint venture is an example of the promising opportunities on offer in the current economic environment, opportunities that Abu Dhabi is leveraging to fulfill its diversification goals.
"We are extremely confident in this equity investment in AerVenture," Al-Noaimi said.
"In a sector as challenging as aviation, choosing a partner with the right credentials, expertise and commitment to long-term growth is critical. We believe AerCap is such a partner, and are convinced our investments in AerVenture will significantly benefit stakeholders in both companies," he added.
In December 2008, Waha Leasing purchased an Airbus 330-200 and an A320-200 from AerCap, said Klaus Heinemann.
The joint venture partners have also agreed a number of separate individual aircraft transactions, including the purchase by AerVenture of an Airbus A320 from Waha, and the purchase by AerCap's subsidiary AeroTurbine of four vintage A320 family aircraft, Al-Noaimi added.
