MEDIA RELEASE PR35140
Abu Dhabi's Waha Capital Agrees to Acquire Fifty Percent Stake in US$2.4 Billion AerVenture
from AerCap
AMSTERDAM, June 21 /PRNewswire-AsiaNet/ --
AerCap Holdings N.V. ("AerCap", NYSE: AER) announced that Abu Dhabi-based
investment holding company Waha Capital PJSC (ADX: WAHA) has agreed to
acquire a fifty percent stake in AerVenture Limited. The remaining fifty
percent will be held by AerVenture's current parent company AerCap. The
parties have committed to a combined total equity investment in AerVenture of
US$270 million.
The joint venture agreement was signed in Abu Dhabi, United Arab Emirates
today by Salem Rashid Al Noaimi, CEO of Waha Capital and Klaus Heinemann, CEO
of AerCap. Completion of the transaction is scheduled before the end of June
2009.
AerVenture, established in 2006 with a focus on new Airbus A320 family
aircraft, has a US$2.4 billion asset base that includes 22 A320s plus firm
orders for a further 32. AerVenture had become a wholly-owned subsidiary of
AerCap earlier this month following the termination of its joint venture with
two Kuwaiti co-investors, LoadAir and Al Fawares.
Salem Rashid Al Noaimi, CEO of Waha Capital said: "The AerVenture joint
venture is an example of the promising opportunities on offer in the current
economic environment, opportunities that Abu Dhabi is leveraging to fulfill
its diversification goals."
"We are extremely confident in this equity investment in AerVenture," Al
Noaimi 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: "We were extremely pleased to enter
into this partnership with an industry-experienced co-investor which shares
our vision of profitable growth and focus on serving the needs of the world's
leading airlines. AerCap's positive history with Waha Leasing, a subsidiary
of Waha Capital, was critical to the successful conclusion of the deal." In
December 2008, Waha Leasing purchased an Airbus 330-200 and an A320-200 from
AerCap.
"With Waha as a joint venture partner, AerVenture's position is even
stronger than in the past," Heinemann said. "AerCap also expects and looks
forward to benefiting significantly from Abu Dhabi's recent and growing
commitment to the global aerospace sector."
AerCap and Waha Capital have also agreed a number of separate 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.
About AerCap
AerCap is an integrated global aviation company with a leading market
position in aircraft and engine leasing, trading and parts sales. AerCap's
portfolio consists of 295 aircraft and 78 engines that are either owned, on
order, under contract or letter of intent, or managed. The company also
provides aircraft management services and performs aircraft maintenance,
repair and overhaul services and aircraft disassemblies. AerCap is
headquartered in The Netherlands and has offices in Ireland, the United
States, Singapore, China and the United Kingdom.
About Waha Capital
Waha Capital is a leading Abu Dhabi-based and Abu Dhabi Securities
Exchange (ADX)-listed, diversified, investments holding company. Waha
Capital's strategy is to drive multi-sector business growth and
diversification through acquisitions, joint ventures and creation of new
business. Its current business portfolio includes big-ticket leasing,
financial services, maritime and property development. Waha Capital's main
institutional shareholders are Mubadala Development Company and Abu Dhabi
Investment Company.
This press release may contain forward-looking statements that involve
risks and uncertainties. In most cases, you can identify forward-looking
statements by terminology such as "may", "should", "expects", "plans",
"anticipates", "believes", "estimates", "predicts", "potential" or "continue"
or the negative of such terms or similar terminology. Such forward-looking
statements are not guarantees of future performance and involve significant
assumptions, risks and uncertainties, and actual results may differ
materially from those in the forward-looking statements.
AerCap
Contact for Media: Contact for Investors:
Frauke Oberdieck Peter Wortel
+31 20 655 9616 +31 20 655 9658
foberdieck@aercap.com pwortel@aercap.com
Waha Capital
Wael Kanakri Brian Carvalho
Communications Director Asda'a Burson-Marsteller
Waha Capital PJSC Tel: +9712 633 4133
Tel: +9712 6677343 Fax: +9712 633 4137
Dir: +9712 6677378 E-mail: a.thuwaini@asdaa.com
Fax: +9712 6677383
Mobile: +971 (50) 901 1003
E-mail: wael.kanakri@wahacapital.ae
SOURCE: AerCap Holdings N.V.
CONTACT: Media:
Frauke Oberdieck, +31-20-655-9616, foberdieck@aercap.com, or
Investors:
Peter Wortel, +31-20-655-9658, pwortel@aercap.com,
both of AerCap; or
Wael Kanakri,
Communications Director,
Waha Capital PJSC,
+9712-6677343, Dir: +9712-6677378, Fax: +9712 -6677383,
Mobile: +971 (50)901-1003, wael.kanakri@wahacapital.ae, or
Brian Carvalho,
Asda'a Burson-Marsteller,
+9712-633-4133, or Fax: +9712-633-4137, a.thuwaini@asdaa.com
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