Milestone Aviation Group acquired for €1.4bnBy Matthew Ord, Digital Staff Writer
Dublin-based Milestone Aviation Group, which leases helicopters to operators worldwide, has been acquired for .78bn (€1.4bn) by GE Capital Aviation Services (GECAS).
Milestone, founded in 2010, has grown to a fleet containing 168 helicopters worth .8bn (€2.2bn), as well as a "strong" order book of bn (€2.4bn) with a variety of helicopter manufacturers.
GECAS is the US and Irish commercial aircraft financing and leasing business of GE and has a fleet of approximately 1,600 owned and serviced aircraft.
The acquisition is said to be in line with GE Capital's plan of growing and enhancing value in core areas aligned with GE’s industrial domains including energy, aviation, oil and gas, and healthcare.
"In joining GE Capital, Milestone will continue to operate as we always have – committed to our customers and partners, nimble and entrepreneurial – only with an enhanced ability to offer innovative product solutions in a variety of markets around the globe," said Richard T Santulli, chairman and chief executive of Milestone Aviation Group.
"The Milestone acquisition is a great fit for GE – it combines GECAS' global reach and 45+ years in leasing commercial jets with a fast-growing helicopter financing platform that will diversify our business and put our capital to work at good returns," added Keith Sherin, chairman and chief executive of GE Capital.
"The addition of Milestone will deepen our domain expertise in aviation and oil and gas, two critical GE industries."
The transaction remains subject to customary closing conditions, including regulatory approvals, and is targeted to close in 2015.