SR Technics acquired by UAE investors

Investors from the United Arab Emirates have acquired Swiss company SR Technics in a deal worth US$1.3 billion.

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By  Barbara Cockburn Published  October 24, 2006

Investors from the United Arab Emirates have acquired Swiss company SR Technics in a deal worth US$1.3 billion. As part of the agreement, the consortium of investors will own 90% of the company, while the management of SR Technics will retain the remaining shares. The largest stake, measuring 40% of the consortium’s share, belongs to Mubadala Development, the investment vehicle of Abu Dhabi’s government. The other investors, Istithmar and Dubai Aerospace Enterprise (DAE), hold 30% each. SR Technics is expected to become more prominent in the fast-growing aerospace markets of the Middle East and Asia Pacific regions. The company, which provides technical aircraft and engine services, will remain a separate corporate entity, lead by existing chief executive Hans Lerch. No redundancies or job transfers are currently planned. The share purchase agreement was signed in Zurich last month and the transaction should be finalised within two months, subject to standard regulatory approvals. “This investment is all about developing SR Technics,” said Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala Development. “Our consortium wants to further grow the company based on its current strengths, including its reputed brand name and its skilled and motivated workforce. We count on the support of all employees in pursuing our objective of strengthening the business further,” he added.

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