AerCap Holdings announced (11-Nov-2010) the completion of the transaction for the sale of a 20% stake to Waha Capital in exchange for certain aircraft leasing assets and USD105 million in cash. The transaction was previously announced on 25-Oct-2010. As part of the transaction, AerCap has sold a 20% stake in the company by issuing approximately 29.8 million new shares to Waha. In exchange, AerCap has received USD105 million in cash, Waha's 50% interest in the JV company AerVenture and a 40% interest in Waha's 16-aircraft portfolio. [more]
AerCap completes sale of 20% stake to Waha Capital
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The USD10 billion deal will create the world’s third largest lessor - and they may be more to come yet.
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Avolon is now the core aircraft leasing brand for the HNA Group. Including assets from Hong Kong Aviation Capital, Bohai Capital and several smaller HNA Group leasing firms, Avolon has a fleet of nearly 250 aircraft and almost 200 more on order.
Lufthansa and Etihad bedfellows - at last - but unions may make marriage a distant prospect
There can be no understating the symbolic change in mindset of Lufthansa agreeing to partner with Etihad. Lufthansa has spent the better part of a decade rallying against Gulf airlines to the press, lobbying in Europe's power corridors and seeking a range of aeropolitical measures to wind back new competitors. Etihad has been the prime target for its investment and ongoing top-ups in a range of European airlines including Lufthansa's home competitor, the failing airberlin. Despite that, it is not well known that the two have come close to a liaison before, suggesting that each sees an intrinsic logic in a relationship.
The partnership has potential to be more significant than Emirates-Qantas, Qatar-IAG or Etihad-AF-KLM. But for now it is limited in scope and caution should be exercised in extrapolating too far at this stage.
Lufthansa CEO Carsten Spohr is seeking new growth platforms that sidestep the flagship business' uncompromising unions who would seemingly prefer a status quo that exists only in memory. Their support will be necessary if the partnership is to work and grow. Then Lufthansa, which has rallied the Star Alliance and JV partners against Gulf airlines, will need to explain its change of heart. For now Lufthansa will not partner on Etihad's beyond-Abu Dhabi network, a move that would embrace the fundamental business plan of Etihad and peers. That upside remains a matter for speculation.