Milbank, Tweed, Hadley & McCloy LLP has advised Terra Firma on an agreement to sell AWAS, a Dublin-based aircraft lessor, alongside its co-investor Canada Pension Plan Investment Board (CPPIB), to Dubai Aerospace Enterprise.
AWAS is one of the world’s leading aircraft leasing companies with 87 airline customers in more than 45 countries and with owned aircraft assets of c. US$7.5 billion as at November 2016. The company holds a diversified portfolio of 214 owned aircraft and a pipeline of 23 new aircraft on order.
Terra Firma and CPPIB have been long term investors in AWAS, first investing in 2006. In March 2015, Milbank advised AWAS in connection with the successful portfolio sale of 84 aircraft to Macquarie Group Limited.
London Corporate partner Mark Stamp and New York Transportation Finance partners Drew Fine and Helfried Schwarz led a team including lawyers from the firm’s Corporate, Transportation Finance, Antitrust and Tax practices in London and New York, including Antitrust partner Fiona Schaeffer, special counsel Daniel Wayte and associates Niels Jensen and Anna Bryant.
Mr. Stamp commented: “We are delighted to have assisted our long standing client Terra Firma with a successful sale process, and the culmination of the two-part exit strategy on which we have worked together with Terra Firma and Goldman Sachs.”
