"Abu Dhabi Airlines" The transaction to acquire shares in… "Etihad Airways Engineering" And"I command you" And"He went around"
ABU DHABI, 2nd May / WAM / Abu Dhabi Airlines, the leading aviation services provider listed on the Abu Dhabi Stock Exchange, announced the completion of the acquisition of shares in Etihad Airways Engineering, the Advanced Military Maintenance, Repair and Umrah Center (AMRC), and Global Aerospace. Logistics “GAL”, from a wholly-owned subsidiary of “Holding Company” (ADQ), in exchange for issuing shares in Abu Dhabi Aviation Company.
The deal will contribute to creating a competitive and integrated airline group with strong capabilities in the fields of maintenance and repair, logistics, supply chains, and advanced engineering services.
Abu Dhabi Airlines is a leading aviation services provider, as it owns and operates a fleet of 62 aircraft that meet the growing needs for transporting VIPs, search and rescue operations, spraying agricultural crops, providing support to earthquake victims, and firefighting operations in the Emirates and other countries.
The company also has a proven track record in supporting companies operating in the oil sector in the Middle East region in particular and the world in general through more than one million flight hours over the past five decades.
After obtaining the approvals of the relevant regulatory authorities, 100% of the shares of Etihad Airways Engineering Company, 100% of the shares of Amerc, and 50% of the shares of GAL were transferred to Abu Dhabi Airlines, and in return, mandatory bonds will be issued. With a total value of approximately 4 billion dirhams, these bonds will be convertible into ordinary shares in the capital of Abu Dhabi Airlines.
The transfer of the three companies to the Abu Dhabi Airlines portfolio will contribute to adding a wide range of value-added services, as Etihad Airways Engineering provides maintenance and repair services to many airline companies, such as Etihad Airways, which is one of the national airlines headquartered in Abu Dhabi. The company employs more than 2,000 employees in aircraft maintenance hangars that cover an area of 42,000 square metres.
While “America” operates an integrated center to provide maintenance and repair services that include engineering solutions, technical training, supply chain management, and modification and modernization services for more than 35 types of aircraft, while “GAL” is one of the largest companies providing maintenance and repair services in the Middle East. And North Africa, where it employs more than 5,000 technicians and engineers who provide their services to more than 45 types of aircraft.
The completion of the acquisition deal will lead to the establishment of a new national entity that includes more than 9,500 employees, and provides a wide and comprehensive range of services to the aviation sector, which will benefit from the growing demand for this type of services in the markets of the Middle East, North Africa and the world.
His Excellency Nader Ahmed Mohammed Al Hammadi, Chairman of the Board of Directors of Abu Dhabi Airlines, said that the success of the acquisition deal enhances the company’s competitive advantages and contributes to consolidating the position of the Emirate of Abu Dhabi as a leading global center in the aviation sector. This process contributes to establishing a new entity at a regional and global level that supports Abu Dhabi Airlines’ capabilities in Aircraft maintenance and repair services enhance the company’s opportunities to achieve further expansion and growth, and we look forward to continuing progress and excellence to meet the requirements and needs of our customers.
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