Abu Dhabi’s Waha Capital agrees to acquire 50% Stake in US$2.4 billion AerVenture from AerCap


AerCap Holdings NV announced that Abu Dhabi-based investment holding company, Waha Capital PJSC, 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.

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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.