ACE Aviation Holdings agrees to sell 70% stake in ACTS.
Canada's ACE Aviation Holdings Inc (ACE) has agreed to sell a 70% interest in its wholly owned maintenance, repair and overhaul subsidiary, ACTS LP, to a consortium consisting of Sageview Capital LLC and KKR Private Equity Investors LP (Euronext Amsterdam: KPE), the publicly traded fund of Kohlberg Kravis Roberts & Co.
ACE also said that it will retain a 30% equity interest in ACTS and Air Canada will remain its largest customer. The transaction implies an enterprise value of approximately CAD975m for 100% of ACTS, on a cash and debt free basis.
KPE's investment is being made through an affiliate of its investment partnership, KKR PEI Investments LP, and the transaction is expected to close during the third quarter of 2007, subject to customary closing conditions and regulatory approvals.
((Comments on this story may be sent to firstname.lastname@example.org))
|Printer friendly Cite/link Email Feedback|
|Publication:||Airline Industry Information|
|Date:||Jun 22, 2007|
|Previous Article:||Skire's Unifier selected for Norman Y. Mineta San Jose International Airport.|
|Next Article:||AirTran officially relocates operations at Orlando International Airport.|