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AerCap To Sell 20% Stake To Abu Dhabi Investor Waha Capital

posted Oct 26, 2010, 12:56 AM by Elaine Bell   [ updated Oct 26, 2010, 1:10 AM ]
By Perry Flint | October 26, 2010
AerCap Holdings reached an agreement to sell a 20% stake in itself to Abu Dhabi-based Waha Capital, a diversified investment holding company, for approximately $380 million. Under terms of the deal announced Monday, Waha is acquiring some 29.8 million new shares in the Amsterdam-based operating lessor in exchange for $105 million in cash plus Waha's 50% interest in AerVenture; and a 40% interest in Waha's aircraft portfolio, which consists of four A330s, two A321s, an A320, two 777s, two 737-700s and five CRJs. Under terms of the deal, Waha, whose major shareholder is Mubadala Development Co., is entitled to two seats on the AerCap board.

AerVenture was established by AerCap in 2006 with a focus on the A320 and has a fleet of 47 A320 family aircraft with orders for a further seven. Waha became a 50% shareholder in June 2009.

In an investor webcast, Waha CEO Salem Rashid Al Noaimi said, "Waha Capital has already realized significant value from its relationship with AerCap and we believe that this further evolution of the partnership will help us to deliver on several strategic objectives for Waha Capital and for Abu Dhabi's broader aerospace industry."