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17-Feb-2010 | ||||||
GulfMerger Advises on the 100% Sale of Sahaab Aircraft Leasing for USD89 million | ||||||
GulfMerger announced today the 100% acquisition of Kuwait-based Sahaab Aircraft Leasing WLL (“Sahaab”) by Jazeera Airways KSC for KD25.5 million. Based in Kuwait, Sahaab is a private regional aircraft leasing firm established in late 2008, currently with a fleet of nine Airbus A320s. With 38 aircrafts by 2016, Sahaab is expected to become one of the region’s dominant aircraft leasing companies with Jazeera Airways expected to account for less than one-third of its aircraft portfolio by 2012. For 2009, Sahaab posted earnings of KD2.2 million with earnings expected to reach KD4.6 million in 2010. Sahaab is strongly capitalized, with shareholders’ equity of approximately KD22.8 million by the first quarter of 2010. Based in Kuwait, Jazeera Airways is the largest privately-held low-cost airline in the Middle East. In 2009, Jazeera Airways carried approximately 2 million passengers. The acquisition of Sahaab is part of a vertical integration strategy by Jazeera Airways planned for 2010 and 2011 to drive growth and profitability for the airline through acquisitions, infrastructure investments, and strategic partnerships. GulfMerger acted as financial adviser to Sahaab on the sale to Jazeera Airways. Yann Pavie, GulfMerger's CEO and founder, said "the sale of Sahaab to Jazeera Airways represents an important milestone in the regional aviation industry which is likely to see other strategic tie-ups to strengthen and improve profitability." About GulfMerger: | ||||||
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