Emirates Holdings (ADQ) has submitted an offer to merge its aviation assets with Abu Dhabi Aviation, which is listed on the Abu Dhabi Securities Exchange.
According to Arab Net, the offer includes merging the holding's 100% stakes in Amerc and Etihad Airways engineering companies, in addition to its 50% stake in the capital of Global Aerospace Logistics (GAL).
From this offer, the Holding Company is preparing to establish a global center in the aircraft maintenance and repair sector, with a high competitiveness that will enable it to reach global markets and build commercial relationships with major aircraft manufacturers in the world.
If the offer is accepted and the transaction is completed, it is expected that a globally competitive company will be established, headquartered in Abu Dhabi.
The total assets of the consolidated group will amount to about 9.4 billion dirhams, equivalent to about 2.6 billion dollars, which will include a wide range of aircraft, aircraft maintenance centers and aircraft hangars.
Upon completion of the transaction, Abu Dhabi Aviation will issue convertible bonds for shares in favor of ADQ Holding, with a total of 652 million ordinary shares in the capital.
The price per share was set at 6.14 dirhams, which will give the Holding Company (ADQ) 59% of the total issued capital of Abu Dhabi Aviation Company, while the equity of Abu Dhabi Aviation Company was estimated at the equivalent of 2.7 billion dirhams.
