BBA Aviation's Signature Flight Support business has acquired the assets of US firm Azalea Aviation for an initial consideration of $22m.
The deal also includes further payments of up to $5.3m over a 5 year period.
In addition, Signature has also acquired 95% of Arrindell Aviation Services in St Maarten, Caribbean for a cash consideration of $7.8m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The acquisition is intended to extend the Signature network into a key and growing business and general aviation location.
They bring the total number of acquisitions of North American fixed base operations to 65 and globally to 111.
Simon Pryce, Group Chief Executive, said: "The addition of these new locations represents another meaningful step in Signature Flight Support's expansion, and further strengthens our position as the leading North American and global FBO network.
"We remain focused on taking advantage of the consolidation opportunities in the fragmented FBO market as part of the group's broader growth strategy."
The share price rose 0.11% to 180.9p by 08:42AM.
NR
-
Nationwide hikes FlexPlus current account fee by £5 a month – is it worth it?Nationwide’s FlexPlus current account is a favourite with customers, but it’s worth checking whether you are taking advantage of the perks after the monthly fee went from £13 to £18
-
Santander launches online pension that offers up to £1,000 cashbackSantander's self-invested personal pension offers customers cashback of up to £1,000 if they invest before 25 April next year - here is everything you need to know
