HNA Aviation to acquire majority stake in SR Technics

SR Technics reported that sole shareholder Mubadala, the Abu Dhabi investment and development company, has agreed to sell an 80% stake in the company to HNA Aviation, a global enterprise group based in Haikou, China. SR Technics, a world leading MRO service provider for the civil aviation sector, will remain a standalone business within HNA Aviation’s portfolio of aviation business. Mubadala, a shareholder since 2006, will retain a 20% stake in the company. Homaid Al Shimmari, CEO of Aerospace and Engineering Services, Mubadala, said: “As a majority shareholder in SR Technics for over six years we are pleased to have found an ideal partner in HNA Aviation to continue the development of what is now one of the world’s leading MRO service providers of aircraft, component and engine services. We remain fully convinced of the long-term potential of SR Technics, and will remain actively involved through our stake and our representation on the board.” Chen Wenli, Vice Chairman of HNA Group, said “HNA fully supports the existing long-term strategy and executive management team, and will be a reliable partner to support SR Technics’ focus on continuing to deliver value to its existing customers, and expanding its global MRO business.”