Abu Dhabi-based investment holding company Waha Capital PJSC has agreed to acquire a 50% 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 $270 million.
The joint venture agreement was signed in Abu Dhabi, United Arab Emirates 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.
AerVenture, established in 2006 with a focus on new Airbus A320 family aircraft, has a $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.
