GA Telesis in Advanced Discussions with Finnair
GA Telesis in Advanced Discussions with Finnair about Transformational Transaction to Purchase CF6-80C2, CFM56-5B/C and PW2000 Engine Overhaul Services Business in Helsinki
GA Telesis LLC announced that it is in advanced talks about the potential purchase of part of the business of Finnair Engine Services (“FES”) focused on engine overhauls for third-party customers. The FES unit is capable of repairing and overhauling General Electric CF6-80C2, CFM International CFM56-5B and -5C, and Pratt & Whitney PW2000 jet engines. In April of 2012, Finnair announced the decision to outsource its own engine heavy maintenance.
GA Telesis intends to grow the FES platform to include other GE and CFMI engine models and is considering other engine types as well. The potential sale of a part of Finnair’s engine operations will save a significant number of jobs, as GA Telesis would continue to run engine service operations at Helsinki Airport. The potential transaction is subject to the successful conclusion of ongoing negotiations and regulatory and GA Telesis board approvals.
Abdol Moabery, President and CEO of GA Telesis commented that “Our recent meetings with labor groups were well received and we were quite pleased with their enthusiasm and shared vision of the new engine organization in Finland. I am excited at the prospect of working with this dynamic group.” He added that “While there are a lot of moving pieces that need to come together to make this deal happen, we remain committed to working with FES towards a successful closing of the transaction.”
GA Telesis, an affiliate of Bank of America Merrill Lynch, is a diversified global leader in the commercial aerospace services industry with financial services, component sales, and distribution, as well as component maintenance facilities throughout the United States, Canada, United Kingdom, and China. GA Telesis specializes in commercial aircraft and jet engine leasing, component maintenance as well as maintaining one of the world’s most comprehensive and independent replacement aerospace component inventory networks. GA Telesis serves the world’s largest airlines with financial services related to aircraft and jet engines as well as component and maintenance support for Airbus, Boeing, Bombardier, Douglas, and Embraer aircraft and CFM International, General Electric, Honeywell, International Aero Engine, Pratt & Whitney, and Rolls-Royce turbine jet engines. In addition, GA Telesis recently announced the formation of GA Telesis China, a joint venture with Air China focused on the Asian used aircraft, spare parts, and asset management market.
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