UK firm confirms merger talks with DAE
London, August 27, 2013
British aircraft services company BBA Aviation confirmed talks to merge with parts of Dubai Aerospace Enterprise (DAE), and said it had bought US firm Maguire Aviation for $69 million.
BBA's shares opened 6 percent higher on Tuesday after it said talks with Dubai government-owned DAE were at a preliminary stage.
Its statement came after a Sunday Times report, citing no sources, said that BBA was in talks with DAE-owned StandardAero over a 2.7 billion pound ($4.21 billion) merger.
StandardAero, a US-based engine repair and maintenance business, confirmed the talks on Monday.
BBA Aviation, which specialises in servicing business jets, said its acquisition of Maguire Aviation at Van Nuys airport in Los Angeles is expected to be accretive to earnings in the first year of ownership. - Reuters
More Travel, Tourism & Hospitality Stories
- GCC takes on the Caribbean in big cruise tourism war
- Etihad finace head wins top award
- Turkish Airlines boosts Africa network
- New Holiday Inn hotel opens in Mauritius
- Abu Dhabi Aviation to get latest Bell helicopter
- Gulf Hotels Group plans new spa complex
- Starwood joins hands with Bentley
- Air freight volumes to grow 17pc in 5 years
- DWC-Emaar in golf centre deal
- UAE group to open Seychelles resort