Gama Aviation has conditionally agreed to sell the Group’s US MRO business, Jet East, to West Star Aviation for a value of approximately US$131 million on a cash free/debt free basis.
Marwan Khalek, Group chief executive, Gama Aviation said, “After interest from several parties, we are delighted to have agreed the sale of Jet East to West Star Aviation. I believe the new owner will be an excellent guardian of our valued strategic relationships and, importantly, the people that deliver critical services to our customers every day.
“The Board and I have long since believed that the Group has significant underlying value and the resultant proceeds from this transaction clearly affirm this perspective. Collectively we will now consider how the net proceeds of the transaction will be deployed to further the strategic ambitions of the Group, support the continued hard work of our talented teams as well as rewarding the loyalty and support of our Shareholders from this significant value realisation event.
“This deal provides Gama Aviation the appropriate capital to allow us to capture the tremendous opportunities we have in our Special Mission, Technology & Outsourcing and Business Aviation strategic business units. It is an exciting new chapter for us all as we celebrate our 40th anniversary as a business.
“Finally, I would like to thank the entire Jet East team for their considerable efforts and achievements under the leadership of Stephen Maiden. We wish them continued success as they embark on their own new chapter.”