Milbank, Tweed, Hadley & McCloy have advised Dublin-based aircraft lessor, AWAS and its owners Terra Firma and Canada Pension Plan Investment Board (“CPPIB”) on an agreement to sell a portfolio of 90 aircraft to Macquarie Group Limited (ASX; MQG; ADR: MQBKY) for a total consideration of US$4 billion. The sale is expected to close within 12 months and is subject to customary closing conditions.
Terra Firma owns a 75% stake in AWAS with the remaining 25% stake owned by CPPIB. Terra Firma and CPPIB are long-time investors in AWAS, both first investing in the company in 2006, and have worked closely to secure the optimal result in this deal.
The portfolio being sold comprises a fleet of 90 young, predominantly narrow-body aircraft. AWAS, one of the world’s leading aircraft leasing companies, will continue to own and maintain the core of its remaining diversified portfolio of more than 200 modern aircraft and plans to continue to grow its fleet through sale-leaseback transactions with airlines and secondary market aircraft purchases.
James Cameron, head of Milbank’s London Transportation practice, co-led with New York Transportation partner, Helfried Schwarz, London Corporate partner, Mark Stamp, a multi-jurisdictional and cross-practice team comprising members of the firm’s Transportation, Corporate and Tax teams which also included, Transportation partner Drew Fine, Corporate partner Alex Kaye, Tax partner Russell Jacobs, Leveraged Finance partner Neil Caddy and Competition partner Nicholas Spearing, as well as a team of over 20 associates.
Mr. Cameron said “AWAS are one of the top aircraft leasing companies in the world and a valued client of the Firm. We are delighted to have been able to assist Terra Firma, CPPIB and AWAS on such a large and strategically important transaction. This deal demonstrates both the strength of our transportation practice in London and New York as well as our ability to deliver integrated cross-practice legal services across finance, corporate and tax. We are very proud of the fact that Milbank always works on the largest, most significant transactions in the transportation sector.”
Source: www.milbank.com
