IAG converts loan into a 20% stake in Air Europa
International Airines Group (IAG) has taken a 20% stake in Spanish airline Air Europa after converting a loan, it was announced on the stock markets last Tuesday (16 August). Under the then management of Willie Walsh in November 2019 IAG was initially in talks to acquire Air Europa, but scrapped the planned deal in December 2021 with Covid-19 problems cited. The essentially Spanish-based operation owns Aer Lingus, British Airways, Iberia, Level and Vueling.
With other parties showing an interest IAG came up with a new strategy last March. Under this plan it provided a €100m seven-year unsecured loan to Air Europa parent Globalia and agreed a period of exclusivity for one year on talks for the airline. “IAG announces that it has exercised its option to exchange the Group's €100m seven-year unsecured loan to Globalia for a 20% equity stake in Air Europa”, the statement read. Air Europa’s fleet is made up of 22 Boeing 787 Dreamliners and 20 Boeing 737-800 aircraft. Its Express regional unit also operates the Embraer E195. www.iairgroup.com
ASL Aviation Holdings now owns 100% of X-air Services
ASL Aviation Holdings and Sabena technics have announced an agreement whereby the global aviation services group has assumed full ownership of X-air Services. The Liège and Brussels based maintenance organisation had been jointly owned on a fifty-fifty basis by ASL and Sabena technics. ASL Airlines Belgium is X-Air’s largest customer and ASL Aviation Holdings other European airlines in Ireland and France also use the MRO’s facilities for light and heavy maintenance checks on B737-400 Classic and B737-800BCF next-generation aircraft. X-air also provides some maintenance services for ASL Belgium’s fleet of B747-400 freighter aircraft.
Sabena technics is a French independent provider of aircraft maintenance & modification solutions. With over 3000 employees based in 16 sites worldwide, the Group supports a large range of aircraft. ASL Aviation Holdings, a global aviation services company with airlines based in Europe, South Africa and Asia, is active in ACMI airline operations serving major cargo and passenger airlines. The group also includes several leasing entities. www.aslaviationholdings.com
Al Bateen Executive Airport re-opens after major upgrade works
Al Bateen Executive Airport has reopened following the successful completion of a major refurbishment project which will allow the airport to cater to increased operational demand. The essential work, completed in under 90 days, involved the resurfacing and widening the existing 3.2-kilometre runway to accommodate wide-body aircrafts and a substantial new boundary wall, upgraded ground lighting, enhanced signage and landscape. Another major part of the work completed was upgrading and refurbishing the Airfield Ground Lighting (AGL) at Al Bateen Executive Airport, certifying the airport to operate Code 4D Aircrafts.
Al Bateen Executive Airport was built in the 1960s. By 1970, it became Abu Dhabi's first international airport and the first main airport in the UAE capital. In 1982, the current Abu Dhabi International Airport was opened 32km outside the city. Al Bateen Executive Airport continued to operate as a military air base up until 2008. Since 2008, the airport has operated under Abu Dhabi Airports as an executive jet facility. www.albateenairport.ae
People: General Electric CEO Lawrence Culp expands role to head aviation unit
General Electric, the parent company of GE Aviation, has appointed group CEO and chairman Larry Culp as CEO of its Aviation Division. He will hold the position alongside his current roles, while John Slattery, who previously held the role of CEO at GE Aviation, has been named executive vice president and CCO of the business.
H. Lawrence (Larry) Culp, Jr. joined the GE Board of Directors in April 2018 and was appointed CEO of GE in October 2018. In November 2021, GE announced its plan to form three global public companies focused on the sectors of aviation, healthcare and energy. Larry will serve as non-executive chairman of the GE healthcare company upon its expected spin-off in early 2023. He will continue to serve as chairman and CEO of GE and CEO of GE Aerospace until the spin-off of the combined GE Renewable Energy and Power businesses, at which point, he will lead the GE aviation-focused company going forward. Prior to joining GE, Larry served as the President and CEO of Danaher Corporation from 2000 to 2014. Investors and analysts consistently ranked him as one of the top CEOs in annual Institutional Investor surveys. Larry joined Danaher in 1990 at Veeder-Root, becoming President in 1993. He was appointed Group Executive and Corporate Officer in 1995, with responsibility for Danaher’s environmental and electronic test and measurement platforms while also serving as President of Fluke and Fluke Networks.
Larry is a member and the immediate past chair of the Board of Visitors and Governors of his alma mater, Washington College, and also serves on the Wake Forest University Board of Trustees. Previously, Larry was a Senior Lecturer at Harvard Business School, where he focused on leadership, strategy and general management in the MBA and executive education programs. A member of Phi Beta Kappa, Larry earned a B.A. in Economics from Washington College and an MBA from Harvard Business School. www.geaviation.com