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Delayed Hong Kong Stock Exchange  -  04:08 2022-07-07 am EDT
7.450 HKD   -0.40%
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Aircraft lessor SMBC to buy rival Goshawk in $6.7 billion deal

05/16/2022 | 12:21pm EDT
Illustration shows SMBC Aviation Captial logo

DUBLIN (Reuters) - SMBC Aviation Capital agreed on Monday to buy smaller rival Goshawk Aviation for an enterprise value of $6.7 billion in a deal it said would make it the world's second largest aircraft lessor by number of aircraft.

The acquisition to create a combined company with 37 billion euros ($38.45 billion) in assets comes six months after Ireland's AerCap Holdings NV consolidated its position as the world's largest aircraft lessor through its takeover of General Electric's leasing business.

SMBC, which is owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, said it will take over a portfolio of 176 owned and managed aircraft to bring its total fleet to 709.

With 261 more Boeing and Airbus aircraft on order, SMBC's fleet will outnumber the 832 fellow Dublin-headquartered Avolon either own, manage or have on order.

Reuters reported on Friday that SMBC and Goshawk were nearing a deal that could be announced as soon as this week.

"We are undertaking this transaction at a strategic point in the cycle with a strong recovery building across the global airline industry and we expect the transaction to be accretive to SMBC Aviation Capital's return on capital," SMBC Chief Executive Officer Peter Barrett said in a statement.

SMBC will finance the deal through a combination of debt and equity. Young, narrowbody aircraft, which it hopes to drive its growth, will represent over 82% of the combined fleet, it added.

The six Goshawk-owned aircraft that are located in Russia and subject to EU sanctions are excluded from the transaction.

Dublin-based Goshawk, a 50-50 joint venture between Hong Kong-based conglomerate NWS Holdings Ltd and Chow Tai Fook Enterprises Ltd, was set up less than a decade ago and its shareholders said it was selling at an attractive valuation.

Last year's $30 billion AerCap acquisition was widely predicted to spur further consolidation in a sector that finances over half of the world's passenger jet output, in deals worth around $150 billion of aircraft every year.

($1 = 0.9624 euro)

(Reporting by Padraic Halpin in Dublin and Aishwarya Nair in Bengaluru; Editing by Vinay Dwivedi, Matthew Lewis and David Evans)

By Padraic Halpin

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AERCAP HOLDINGS N.V. -4.75% 37.88 Delayed Quote.-39.21%
AIRBUS SE 2.15% 94.67 Real-time Quote.-17.53%
GENERAL ELECTRIC COMPANY -0.74% 61.57 Delayed Quote.-34.34%
NWS HOLDINGS LIMITED -0.40% 7.45 Delayed Quote.2.33%
PSI 20 INDEX 1.02% 5942.75 Real-time Quote.5.57%
SUMITOMO CORPORATION 1.86% 1836 Delayed Quote.6.00%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.81% 4004 Delayed Quote.0.74%
THE BOEING COMPANY -1.01% 136.31 Delayed Quote.-31.60%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.72% 63.25 Delayed Quote.-17.60%
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06/02NWS Redeems $300 Million of 4.25% Bonds Due 2029 Under Tender Offer
05/18NWS Launches $150 Million Tender Offer for 4.25% Bonds Due in 2029
05/16Aircraft lessor SMBC to buy rival Goshawk in $6.7 billion deal
05/13Aircraft lessor SMBC Aviation nears $7 billion deal for rival Goshawk, sources say
05/13NWS Holdings Limited Announces Resignation of Cheung Chin Cheung as Executive Director
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Analyst Recommendations on NWS HOLDINGS LIMITED
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Sales 2022 28 592 M 3 644 M 3 644 M
Net income 2022 3 053 M 389 M 389 M
Net Debt 2022 14 462 M 1 843 M 1 843 M
P/E ratio 2022 9,56x
Yield 2022 8,09%
Capitalization 29 255 M 3 728 M 3 728 M
EV / Sales 2022 1,53x
EV / Sales 2023 1,33x
Nbr of Employees 13 600
Free-Float 35,7%
Duration : Period :
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Mean consensus BUY
Number of Analysts 2
Last Close Price 7,48 HKD
Average target price 9,70 HKD
Spread / Average Target 29,7%
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Managers and Directors
Siu Cheung Ma Chief Executive Officer & Executive Director
Jim Lam Chief Financial Officer
Kar Shun Cheng Executive Director
Chi Hang Ho Chief Operating Officer & Executive Director
Lai Him Shek Independent Non-Executive Director