AWAS and Terra Firma, the European private equity group, have
completed the acquisition of Pegasus Aviation Finance Company.
Frank Pray, President and Chief Executive of AWAS stated the acquisition would strengthen the worldwide position of the combined business, "by broadening our customer and supplier base. This will allow us to further capitalise on the attractive outlook for the sector and offer our customers an even broader range of aircraft finance and asset management solutions".
The new combined business owns 223 aircraft valued at over USD5.5 billion and has an additional 101 aircraft under management, on lease to over 120 customers worldwide. The company also has forward orders in place with Boeing and Airbus valued at over USD2.2 billion.
The combination of AWAS and Pegasus will create the world’s third largest aircraft lessor.
Pegasus is headquartered in San Francisco and since 2004, has built a business of 83 owned aircraft, and a pipeline of forward orders that include the latest new-technology and fuel efficient narrowbody and widebody aircraft such as the Boeing 787 Dreamliner.