Waha Capital acquires 50% stake in AerVenture

WAHA CAPITAL: Abu Dhabi-based investment holding company looking to extend footprint in aircraft leasing business. (Getty Images)

Abu Dhabi-based investment holding company Waha Capital has acquired a 50 percent stake in AerVenture Limited - a unit of Dutch aircraft leasing firm AerCap.

The balance will be held by AerVenture's parent company.

The parties have committed to a combined total equity investment in AerVenture of $270 million.

The joint venture, signed in Abu Dhabi on Sunday, will significantly extend Waha's footprint and presence in the global aircraft leasing sector. The transaction is expected to complete by end-June.

AerVenture, established in 2006 with a focus on the new Airbus A320 family aircraft, has assets of $2.4 billion, including 22 A320s plus firm orders for a further 32. The company's founding partnership with Kuwait's LoadAir/Al Fawares ended earlier this month.

Talking to reporters after the signing, Salem Rashid Al Noaimi, CEO of Waha Capital said: "Particularly 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."

Klaus Heinemann, CEO of AerCap, said: "With Waha as a joint venture partner, AerVenture's position is even stronger than in the past.

"AerCap also hopes to benefit significantly from Abu Dhabi's recent and growing commitment to the global aerospace sector."

AerCap's positive history with Waha Leasing, a subsidiary of Waha Capital, was critical to the successful conclusion of the deal, he added.

In December 2008, Waha Leasing purchased an Airbus 330-200 and an A320-200 from AerCap.

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.

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