Abu Dhabi-based Waha Capital plans to sell of its stake in Ireland-based aircraft lessor AerCap, according to local media reports.
Waha owns percent of the Dublin-based firm, which is the world’s largest aircraft lessor.
In 2010, the firm purchased a 20 percent stake in the company in a deal valued at $380 million at the time.
Following the agreement, Waha transferred 16 aircraft in its portfolio – including Airbus A330s and Boeing 777s – to AerCap.
According to the Irish Independent newspaper, Waha and its Avia subsidiary have now announced plans to sell four million AerCap shares.
AerCap has agreed to buy over 2.4 million shares from Avia at the same price as the four million shares.
The newspaper added that AerCap is paying approximately $150 million – to be funded from its cash balances – for the shares.
Earlier in 2019, Waha reported a loss in Q1 as it revalued its stake in AerCap. While at the end of 2018 the firm held a 12 percent stake in AerCap, by the end of March the stake went down to 10.3 percent, and 8.1 percent by the end of June.
In Q1, Waha also recorded a loss on the sale of three million shares in AerCap – the equivalent of a 2.1 percent stake in the firm.
Waha is currently in the midst of a plan to improve its financial performance, which senior company executives have said includes addressing “asset-specific issues”.
AerCap shares have spiked 23 percent in the last year, giving the firm a market capitalisation of $8.2 billion.
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