SMBC Aviation Capital has reached an agreement with NWS Holdings Limited and Chow Tai Fook Enterprises Limited to acquire Goshawk Aviation, the Dublin-based global aircraft lessor.
The transaction creates the largest Japanese-owned aircraft lessor and the second largest global player by number of aircraft. The enlarged business will benefit from a best-in-class portfolio focused on new technology narrowbody aircraft and an industry leading funding advantage uniquely positioned to capitalise on opportunities presented by the sector recovery.
As part of the transaction, SMBC Aviation Capital will acquire a portfolio of 176 owned and managed aircraft. The combined business will have a portfolio of 709 owned and managed aircraft and an additional $13bn of orders from Boeing and Airbus comprising exclusively of 261 new technology narrowbody aircraft. Aircraft owned by Goshawk that are located in Russia are excluded from this transaction.
“This is the right transaction for SMBC Aviation Capital, allowing us to better serve our customers in a fast-evolving sector whilst also accelerating our growth and delivering significant value for our shareholders,” said Peter Barrett, Chief Executive Officer, SMBC Aviation Capital.
“We are undertaking this transaction at a strategic point in the cycle with a strong recovery building across the global airline industry and we expect the transaction to be accretive to SMBC Aviation Capital’s return on capital,” he added.
“The 2012 acquisition of SMBC Aviation Capital has proven to be very successful and it is now a key strategic business for our group,” said Masaki Tachibana, President, Sumitomo Mitsui Finance and Leasing. “As we enter this new cycle, SMBC Aviation Capital will be a core component in the growth of our international business.”
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