The Public Sector Pension Investment Board (PSP Investments) and ATL Partners (ATL) have announced that their jointly owned portfolio company, Sky Aviation Leasing International (SKY Leasing), has entered into a definitive agreement to sell Sky Aviation Leasing International (SALI), an Irish subsidiary of SKY Leasing, to Goshawk Aviation (Goshawk), an aircraft leasing company owned by Chow Tai Fook Enterprises and NWS Holdings.
Following the completion of this transaction, PSP Investments and ATL will continue to own SKY Leasing, which, through its entities based in the United States, will continue to act as servicer to aircraft owned by various securitization vehicles.
In October 2015, PSP Investments and ATL, in partnership with the management team led by industry veteran Richard Wiley, formed SKY Leasing as a new aircraft leasing platform. The investment was underpinned by the accelerating need for fleet planning in the context of strong growth in the global commercial aircraft fleet and movement to next-generation aircraft. In less than three years since its formation, SALI has acquired or committed to acquire 51 commercial aircraft, building a high-growth, established, and globally active commercial aircraft leasing platform focused on new and young mid-life aircraft.
The transaction is subject to customary regulatory and closing conditions and is expected to be completed in the third quarter of 2018.
