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Aergo, ASL reach plane sale agreement

Aergo, ASL reach plane sale agreement

   Aergo Capital Ltd. and ASL Aviation Group Ltd. have reached an agreement for the sale and purchase of certain aircraft-related assets.

   ASL would become the ultimate owner of various Irish aviation leasing entities, including Safair Lease Finance (Pty) Ltd. and Safair Operations (Pty) Ltd., two South African aviation companies.

   Through the transaction, ASL would acquire five Boeing 737-800 passenger planes, five Airbus A300 B4 freighters and three ATR 72-500 passenger planes. All aircraft are either leased to postal integrators or well-established airlines.

   The Safair Operations acquisition includes the operation and obligation to acquire eight Hercules aircraft, as well as international and domestic South African passenger and freighter operations. It also includes a 28 percent interest in Safair Technical (Pty) Ltd.

   ASL would acquire aircraft assets with a market value of about $250 million. ASL is a joint venture between Compagnie Maritime Belge (CMB) and 3P Air Freighters, a private equity fund managed by Petercam.

   The acquisition is still subject to various competition approvals and other consents. ASL expects to finalize the deal by Nov. 30. The acquisition is expected to increase ASL Group's turnover for 2011 about $105 million and EBITDA about $48 million.

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