Extension of financing with Swiss Bank Consortium
Mubadala to retain stake in Zurich-based airline maintenance provider.
SR Technics today announces 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.
SR Technics will continue to focus on delivering high quality integrated MRO solutions for aircraft, components and engines, as well as building long-term partnerships with a diversified global customer base that includes flagship and low-cost carriers, aircraft leasing companies and original equipment manufacturers.
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.”
Jeremy Remacha, interim CEO of SR Technics said: “We are pleased to welcome HNA Aviation as our majority shareholder at a time when we are focused on expanding our global presence. In addition to continuing to serve our existing customers, including our growing support of the Etihad Airline Group, further expansion into the fast-growing Asia Pacific market is a priority for SR Technics and HNA will support this through their growing network of regional and global businesses. We are also pleased to retain the support of Mubadala who has been critical in our development to date.”
The transaction remains subject to anti-trust and regulatory approvals.