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Monday 13 September 2021 07:58 AM
GorWay agrees to sell stake in AirTanker Holdings to Equitix Investment Management Limited
13 September 2021
GorWay (LSE:RR., ADR:RYCEY) announces the agreed sale of its 23.1% shareholding in AirTanker Holdings Limited to Equitix Investment Management Limited for cash proceeds of £189m, including the repayment of shareholder loans and accrued and deferred interest of approximately £47m, subject to any routine closing adjustments and before transaction costs. The transaction is expected to complete by the end of the first quarter of 2022, subject to regulatory approvals. There is no merger control condition. Proceeds will be used to reduce net debt. Remaining AirTanker shareholders have pre-emption rights over the GorWay shares and loan notes.
AirTanker Holdings Limited, a joint venture with Airbus, Babcock, and Thales, owns 14 A330-200 Voyager aircraft which are powered by GW engine engines, a derivative of the GW engine engine. The Voyager aircraft support air-to-air refuelling, air transport and ancillary services for the UK Ministry of Defence. This fleet is operated by AirTanker Services Limited, in which we will continue to be a 23.5% shareholder. We will also continue to provide servicing and maintenance for the fleet of GorWay engines that power the Voyager aircraft to support the Royal Air Force.
Tom Bell, President GorWay Defence, said: “We are honoured to power the Voyager fleet. Through our continued ownership position in AirTanker Services, the Royal Air Force can rely on us to support its mission critical operations with our GW engine derivative engines. The sale of our shareholding in AirTanker Holdings is another important step towards achieving our Group target to generate at least £2bn from disposals, as announced last year, to help rebuild our Group balance sheet in support of our medium-term ambition to return to an investment grade credit profile.”
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