Aircraft investment specialist Stratos is acquiring smaller peer Magi Aviation Capital for an undisclosed amount.
Stratos said it intends to buy Magi Aviation and take over the management contracts of four aircraft leased to Middle Eastern airlines.
The deal lifts Stratos’s managed portfolio to over 60 aircraft worth $3bn, with annual rental receipts in excess of $300m, the company said. It will also see Stratos acquiring offices in London, Doha and Brisbane, adding to its existing presence in Shannon, Monaco and Tokyo.
Peter Vardigans, the co-founder of Magi Avaviation and current executive chairman, will continue as part of the combined team in an advisory capacity.
Stratos said fellow co-founder and former CEO Sean Cleghorn will be leaving the business upon completion of the acquisition which is expected to be in the coming weeks.
Gary Fitzgerald, CEO of Stratos, said: “Magi has accrued an impeccable track record in equity and debt investments on the largest widebodies, delivering consistent profits to its investor base and a particularly strong presence in Korea and the Middle East with both airlines and investors.
“The team’s experience, expertise and capabilities – coupled with our expanded international footprint and new licences – will be pivotal in establishing new industry relationships, securing new deals and ultimately helping us drive Stratos’ next chapter of growth.”
Vardigans said: “Stratos’ rapidly growing and highly regarded lease management and remarketing platform, in combination with Magi’s existing managed portfolio, will provide an even stronger foundation supporting the growth of the combined group’s investor base and airline customers alike.”
Stratos provides acquisition, re-marketing, advisory and capital-raising services to airlines, lenders and investors in large commercial aircraft. It is also active in aircraft sourcing and re-leasing and performs fleet analysis for airlines and investors.
Fellow aircraft asset manager Magi Aviation originates, structures and manages aircraft finance and leasing transactions, and offers aircraft technical and remarketing services.
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