Post by Buster the Bear on Dec 9, 2014 16:09:54 GMT
AIM listed Hangar 8 Plc and Gama Aviation merge to form Gama Aviation Plc
December 8, 2014 Hangar 8 Plc has announced to the London Stock Exchange's AIM market the merger of Hangar 8 Plc and Gama Aviation. Subject to completion in early January, the new business, Gama Aviation Plc will be listed with an anticipated market capitalisation of c. £130M/$200M.
The deal, brings together two complementary business, with little operational overlap, creating a combined business of the scale, breadth and depth required by a progressive and growing market.
The ceo of Gama Aviation, Marwan Khalek, explains: “Over the last 30 years, Gama Aviation has grown steadily to become one of the major business aviation service providers in the world. However, through this merger we will be creating a true global leader and one that is uniquely positioned for accelerated future growth.
We believe the strategic rationale for this merger is clear to see. The two businesses enjoy a complementary geographical coverage; they have a good operational fit and have been pursuing similar growth strategies built on a profitable and robust business model. Bringing them together into Gama Aviation Plc will create a business of significant scale and one with unparalleled breadth of geographical coverage and depth of capability and service, enhancing our client offering.
I am very excited by this merger and the platform that it creates on which we will continue to grow our business aggressively, both organically and through acquisition. A platform that will allow us to continue to offer excellent service to our customers, great opportunity to our people and good returns to our shareholders.”
Dustin Dryden, ceo of Hangar 8 Plc adds: “Today our clients, many with ultra-long range aircraft, require their premier suppliers to be truly global too with the ability to supply a full range of private aviation services across the globe. The combination of our joint capabilities and experience, across all major aircraft manufacturers, and all major global trading hubs, becomes our new service baseline.
I believe this is the largest business combination that our sector has seen, and allows us to seize the full benefits of market consolidation as we continue to meet if not exceed the needs of the most demanding of clients. We believe Gama Aviation Plc provides a world class offering.”
On completion the company will combine to:
? Create a global leader in a large and growing market one of the five largest operators globally
? Have 144 aircraft under management, operating from 44 different locations in 15 countries across five continents with a strong presence in North America, the UK, continental Europe, Africa, Middle East, Asia and South America
? Offer a comprehensive service, operating and supporting aircraft from all major manufacturers and all classes of private jet aircraft
? Leverage economies of scale through: a greater number of managed aircraft, across a greater number of geographic locations, providing customers with more choice and convenience, improved logistics and operational cost efficiencies
? Have a highly experienced board with some 225 years' of industry experience.
Press release issued by Gama Aviation.
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Just a guess but:- GAMA need more covered space for it's maintenance operations. The project to build a new hangar at Fairoaks has hit problems, not with planning permission (it's 'permitted development') but with a dispute over the ownership of part of the land. 'Merging' with H8 will provide more hangar space.