BBA unit acquires US aviation firm
BBA Aviation's Signature Flight Support business has acquired the assets of US firm Azalea Aviation for an initial consideration of $22m.
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published