Waha Capital to acquire 20% stake in AerCap

Waha Capital signed (25-Oct-2010) an agreement to acquire a 20% stake in AerCap in exchange for certain aircraft leasing assets and USD105 million in cash. Waha will acquire approximately 29.8 million shares in AerCap in exchange for the cash figure plus Waha's 50% interest in AerVenture and the transfer of a 40% interest in Waha's 16-aircraft portfolio. The total value of the transaction is USD380 million. Under the terms of the agreement, AerCap will provide all management services for Waha's aircraft portfolio in return for servicing fees, and will open a representative office in Abu Dhabi. Following the share issuance, Waha will be entitled to nominate two candidates to the Board of AerCap Holdings. The completion of the transaction is scheduled for mid-Nov-2010. [more]