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Abu Dhabi’s Waha Capital to buy 50 per cent of aviation company

23 Jun 2009

Abu Dhabi-based investment holding company Waha Capital has agreed to acquire a 50 per cent stake in AerVenture, becoming a joint venture partner with the current owner, Dutch aviation company AerCap.

The founding partnership with Kuwait’s LoadAir ended earlier this month, and AerCap and Waha have now committed to a combined total equity investment of $270m in AerVenture.

The agreement was signed in Abu Dhabi this week by Waha’s CEO, Salem Rashid Al Noaimi, and Klaus Heinemann, CEO of AerCap. The deal is expected to be completed by the end of the month.

“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.”

Heinemann added, “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.”

The partners have already agreed a number of transactions for AerVenture, including the purchase of an Airbus A320 from Waha, and the sale of four vintage A320 family aircraft to AeroTurbine, a subsidiary of AerCap.

Waha Capital, established in 1997, specialises in investing in aircraft leasing, maritime, land development and financial services.

AerCap is a global leader in aircraft and engine leasing, trading and parts sales. The company also provides aircraft management, maintenance, repair and disassembly services.

AerVenture, established in 2006 to focus on the new Airbus A320 aircraft, has a $2.4bn asset base including 22 A320s and firm orders for a further 32.

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