United Technologies has reached agreement to sell its Pratt & Whitney Power Systems unit, currently part of Pratt & Whitney, to Mitsubishi Heavy Industries (MHI). Terms of the agreement were not disclosed and the transaction is expected to close in the second quarter of 2013. Divesting Power Systems allows UTC to focus on its core
Delta Air Lines (DAL) and Virgin Atlantic Airways have reached an agreement for a new joint venture that will create an expanded trans-Atlantic network and enhance competition between the U.K. and North America, offering greater benefits for customers traveling on those routes. As part of this joint venture agreement, Delta will invest $360m in Virgin
American International Group, Inc. (AIG) and an investor group led by Mr. Weng Xianding, the Chairman of New China Trust Co. Ltd., announced that they have entered into an agreement under which AIG will sell up to a 90% stake in International Lease Finance Corporation (ILFC), a non-core asset, to the investor group in a
The EADS Board of Directors and the company’s core shareholders have agreed on a far-reaching change of the company’s shareholding structure and governance. This agreement aims at normalising and simplifying the governance of EADS while securing a shareholding structure that allows France, Germany and Spain to protect their legitimate strategic interests. Subject to customary regulatory
Onex Corporation has agreed to acquire a 50% interest in BBAM, the world’s third largest manager of commercial jet aircraft, for $165m. The transaction is expected to close by the end of 2012 subject to certain conditions and approvals. Onex will acquire a 35% interest in BBAM from BBAM’s management team and a 15% interest
Boeing projects the world’s airlines should see reasonable liquidity and pricing for new-aircraft delivery financing in 2013 even as jet builders ramp up production to meet demand, the manufacturer announced in London on December 4th, in issuing its fifth annual finance market forecast. “We expect that despite economic and political challenges, global air travel will
Scandinavian Airlines System (SAS), the Scandinavian flag-carrier has entered into a $125.2m senior secured loan facility covering three A330-300 aircraft (s/n’s 496, 515 and 568) with an East Asia-based Global Insurance Company as sole facility provider. Tranches covering the two Aircraft have been drawn down as the initial ECA-backed loans matured, with the third and
The Monarch Group, a UK leading independent travel group, announced an update on its financial and operating performance for the financial year ending 31 October 2012. The Monarch Group, which comprises Monarch Airlines, the tour operating and holidays companies Cosmos Holidays, Avro and somewhere2stay, and Monarch Aircraft Engineering, increased its turnover net of intra-Group sales
Israel Aerospace Industries (IAI) reported sales for Q3 2012 of $751m compared to $817m in Q3 2011. Export sales represent 76% of total sales and reached $568m. Sales to the military sector represent 72% of total sales and reached $540m. The decrease in sales is attributed to a reduction in the scope of activity mainly
US Airways reported that it priced an offering of two classes of enhanced equipment trust certificates in the aggregate face amount of approximately $546m. The Company intends to use the proceeds from the offering to finance its purchase of eleven Airbus aircraft scheduled to be delivered from May 2013 to October 2013 and to use
