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Terra Firma hires investment banks to explore Awas sale, IPO options

2 Apr 2014

plane aeroplane aviation sunset_sqUK private equity firm Terra Firma has reportedly hired Goldman Sachs and Deutsche Bank to advise on a sale or listing of aircraft leasing business Awas.

Reuters revealed the news, citing three people familiar with the matter.

Terra Firma bought Awas from Morgan Stanley in 2006 for $2.5bn, and expanded it 17 months later with the $5.2bn addition of San Francisco lessor Pegasus Aviation Finance Company from Oaktree Capital.

The Canadian Pension Plan Investment Board is also a backer of the business, and held a 25 per cent stake after injecting capital into the business in 2011.

Terra Firma is believed to be preparing to launch a €2bn general purpose private equity fund.

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