Avia Solutions Group, a WSE listed global provider of one-stop-shop aviation business solutions has announced receiving the green light in regards to concentration and successfully closing the acquisition of helicopter maintenance organization Helisota. Under the agreement, the group in series of transactions has acquired 100% of share capital in the Lithuanian-based organization. The aggregate value of the deal is over 12 mln. Litas, excluding the value of newly issued Avia Solutions Group shares.
As announced earlier, the shares had been acquired in several takeover stages. Some of them were paid for directly to the company’s shareholders, and some – through transferring 165.000 newly issued Avia Solutions Group shares to the company’s top management. In compliance with the local competition laws, the group had to obtain concentration clearance from the Competition Council of the Republic of Lithuania, which was received on Thursday, the 12th of December.
“During the last couple of years the group has largely focused on the sector of aircraft technical maintenance, which is represented by FL Technics, one of our subsidiaries. This company has implemented numerous large scope projects in the segments of engine repair, spare parts sales and the expansion of line maintenance stations. Moreover, by introducing FL Technics Jets in 2011, we have successfully expanded our activities into the repair and technical maintenance sector of business jets. Naturally, the decision of turning to the direction of helicopter maintenance was only a matter of time,” says Linas Dovydenas, the CEO of Avia Solutions Group.
According to L. Dovydenas, during the negotiation meetings with the Helisota team both parties have agreed upon the need to exploit the opportunities posed by the already well-developed Helisota base and the long-standing experience combined with second-to-none capabilities of Avia Solutions Group. ‘I am confident that the incorporation of the new enterprise into the Avia Solutions Group infrastructure will open new possibilities for us as well as our new colleagues,’ commented the CEO.
Last year Helisota made a turnover of 42 million Litas. After joining Avia Solutions Group the company will continue operating under the same name and management team. The local operations and the international expansion of Helisota will from now on be backed by the Avia Solutions Group experience and infrastructure. Upon acquiring Helisota, Avia Solutions Group has become the largest provider of aviation business solutions in Eastern Europe.