North Carolina USA-based aviation maintenance, repair and overhaul services firm Timco Aviation Services said that a definitive agreement has been signed for it to be acquired by aeronautical engineering group Hong Kong Aircraft Engineering company for approximately USD 388.8m subject to closing adjustments.
The transaction is expected to close in the first quarter of 2014.
According to Timco, the acquisition will create one of the world´s largest airframe MRO service providers based on revenues, number of customers and scope of services and products offered.
Haeco and Timco said that together they would be able to provide customers with an enhanced range of capabilities and will be uniquely positioned to capitalize on significant growth opportunities, particularly in the aircraft interiors engineering and manufacturing market segments.
The seller is a company controlled by investment vehicles managed by Owl Creek Asset Management, LP an investment manager based in the US which has helped Timco grow and position itself for the transaction announced.
Over the past 60 years, Haeco has established itself as a leader in aircraft engineering and maintenance services, serving many of the same leading global customers as Timco, including many US airlines.
Haeco combines a range of MRO services, primarily for widebody jets, with an interior and exterior installation business. It currently has facilities in Hong Kong, Mainland China and Singapore.
Find out more at www.timco.aero.