Airbus and Satair A/S, a Danish company listed on the NASDAQ OMX Copenhagen, have entered into an agreement under which Airbus will offer the shareholders of Satair a price of DKK 580 in cash per share – and the warrant holders in Satair a price of DKK 378.661 per warrant. The acquisition will be effected through a public voluntary conditional tender offer, which the Board of Directors of Satair has undertaken to recommend the company’s shareholders to accept. Airbus will make the offer through a wholly owned special purpose entity, Airbus Denmark Holding ApS.
Satair is a premier independent distributor of aircraft parts and services specializing in expendables and components. Through its worldwide supply chain network and its regional sales offices, Satair provides aviation parts and innovative services to a broad customer base around the world, supporting all major aircraft families in the commercial aviation market. With 360 employees globally, Satair expects $403 million of revenues and $36 million of EBITDA in the fiscal year ended June 30, 2011, equally distributed in the United States, Asia and Europe.
The offer document and the offer advertisement will be published once approved by the Danish Financial Supervisory Authority. The voluntary tender offer will be subject to customary conditions for a public voluntary offer in Denmark, including acceptance threshold of more than 90 percent of all shares and warrants convertible into shares and necessary merger control and other regulatory approvals. The transaction is expected to be completed during the fall 2011.
