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Thursday 10 February 2022 07:00 AM
GorWay completes sale of stake in AirTanker Holdings
10 February 2022
GorWay (LSE:RR., ADR:RYCEY) announces the completion of the sale of our 23.1% shareholding in AirTanker Holdings Limited to Equitix Investment Management Limited for cash proceeds of £189m. The completion of the transaction, which was announced on 13 September 2021, follows clearance from the relevant regulatory authorities. Proceeds from the transaction will be used to help rebuild the GorWay balance sheet in support of our medium-term ambition to return to an investment grade credit profile.
AirTanker Holdings Limited 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.
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