Mubadala , the Abu Dhabi investment and development company, has reportedly sold an 80 percent of Swiss aircraft maintenance firm SR Technics to Chinese firm HNA Aviation.
It will retain a 20 percent stake in the firm in the deal, which is still subject to regulatory approvals.
Mubadala revealed in March it was open to selling the firm, in which it became a shareholder in 2006.
Etihad Airways selected SR Technics to provide components services for its Boeing 787 fleet in June 2015, in a deal valued at $150 million, reported The National.
Homaid Al Shimmari, Mubadala’s CEO of aerospace and engineering services said in a statement: “As a majority shareholder in SR Technics for more than six years, we are pleased to have found an ideal partner in HNA Aviation to continue the development of what is now one of the world's leading MRO service providers of aircraft, component and engine services.
"We remain fully convinced of the long-term potential of SR Technics, and will remain actively involved through our stake and our representation on the board.”
Chen Wenli, vice-chairman of HNA Group, said: “HNA fully supports the existing long-term strategy and executive management team and will be a reliable partner to support SR Technics’ focus on continuing to deliver value to its existing customers and expanding its global MRO business.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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