Finance News 18 Thales and JetBlue close LiveTV acquisition Thales announced the closing of the acquisition of LiveTV from JetBlue for $399m. As part of the arrangement, the two companies will form a partnership that focuses on innovation for both passengers and airline operations. The acquisition of LiveTV is part of Thales’s strategy to meet passenger demands by delivering high quality, fast connections while meeting airline needs for greater operational efficiency. LiveTV has equipped more than 700 aircraft worldwide with a range of competitive products, focused on high performance connectivity services. LiveTV provides outstanding solutions for passenger connectivity, live television and wireless video services. The combination of this offering with the advanced Thales AVANT entertainment system firmly aligns the Thales In Flight Entertainment and Connectivity (IFEC) business to its long-term focus on connected services for passengers and airline operators within all industry segments, from premium to low-cost. With more than 500 employees and projected revenues for <strong>2014</strong> estimated at over US$150m, Florida-based LiveTV is now a wholly-owned subsidiary of Thales USA, reporting to Dominique Giannoni, vice president Thales IFEC business. B/E Aerospace agrees to acquire two aerospace manufacturing businesses B/E Aerospace has signed a definitive agreement to acquire EMTEQ, a provider of aircraft interior and exterior lighting systems, as well as aircraft cabin management and power systems. The Company also has signed a definitive agreement to acquire F+E Fischer + Entwicklungen GmbH & Co. KG (Fischer) the leading manufacturer of seating products for civilian helicopters. The total acquisition purchase price for both companies is approximately $470m. EMTEQ and Fischer combined had latest 12 months ended March 31, <strong>2014</strong> revenues of approximately $150m. The transactions are not expected to be accretive to <strong>2014</strong> earnings per share, but to become accretive in 2015 and to become strongly accretive in 2016. Transaction expenses of approximately $10m will be a one-time charge in the second quarter of <strong>2014</strong>. The EMTEQ transaction is expected to close in June, while the Fischer transaction is expected to close around the beginning of the third quarter of <strong>2014</strong>, subject to regulatory approvals. Company’s debentures mainly due to fluctuations in the U.S. dollar-NIS exchange rate. Triumph Group signs agreement to acquire GE Aviation hydraulic actuation business Triumph Group has entered into a definitive agreement to acquire the hydraulic actuation business of GE Aviation. GE’s hydraulic actuation business consists of three facilities located in Yakima, Washington, Cheltenham, England and the Isle of Man and will be included in the Aerospace Systems Group. The business is expected to add approximately $180m in annual revenue and to be immediately accretive to earnings. The purchase price will be approximately $70m. Employing approximately 475 employees, the business is a technology leader in actuation systems and does extensive business with Boeing, Airbus and other major airframers. Key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steering, hydraulic fuses, manifolds, flight control actuation and locking mechanisms for the commercial, military and business jet markets. The acquisition is subject to regulatory approvals and other customary closing conditions and is expected to close in the current fiscal quarter. Boeing acquires AerData Group Boeing announced that it is acquiring AerData Group , which provides integrated software solutions for lease management, engine fleet planning and records management. Based in the Netherlands, AerData also provides technical services for aircraft and engine operators, lessors, and maintenance, repair and overhaul companies. AerData has approximately 120 employees located in the Netherlands, United Kingdom and Ireland. Managing directors Mark Nieuwendijk and Paul van Tol will continue to lead the business. AerData’s products will become part of the integrated suite of aviation services marketed as the Boeing Edge. These include parts, training, engineering, maintenance and software solutions that increase the efficiency and profitability of airlines and leasing companies. Terms of the transaction are not being disclosed. IAI publishes financial statement for Q1 <strong>2014</strong> Israel Aerospace Industries, Israel’s leading aerospace and defense company, issued its consolidated interim financial statements for the three months ended March 31, <strong>2014</strong>. The Company showed record sales and an increase in gross profit against the slowdown in the activities of the Bedek Aviation division and conversion of passenger aircraft to cargo configurations. The Company’s sales in Q1 <strong>2014</strong> amounted to US$979m compared to US849m in Q1 2013, a 15% increase. The increase in sales in Q1 <strong>2014</strong> mainly arises from the growth in the Company’s military divisions – Systems Missiles and Space division, the Military Aircraft division and Elta. Operating income in Q1 <strong>2014</strong> amounted to US$15m (1.5% of sales) compared with US$20m (2.4% of sales) in Q1 2013, a decrease of US$5m reflecting a decrease of 25%, arising from the weakening of the U.S. dollar exchange rate in relation to the NIS, the increase in in-house R&D expenses and the increase in selling and marketing expenses. EBIT- DA in Q1 <strong>2014</strong> amounted to US$44m compared with EBITDA of US$51m in Q1 2013, a decrease of US$7m reflecting a decrease of 14%. Financial income, net in Q1 <strong>2014</strong> amounted to US$1m as opposed to financial expenses, net of US$5m in Q1 2013, an increase of approximately US$6m resulting mainly from the decrease in financial expenses in respect of the AerCap completes acquisition of ILFC from AIG AerCap Holdings has completed its previously announced acquisition of International Lease Finance Corporation (“ILFC”) from American International Group, (“AIG”). Under the terms of the agreement, AerCap paid AIG $3.0bn in cash and 97,560,976 AerCap ordinary shares, which represents an approximately 46% ownership position in AerCap’s ordinary share capital. In connection with the acquisition, AerCap Ireland Capital Limited and AerCap Global Aviation Trust, each a wholly-owned subsidiary of AerCap, completed their previously announced offering of $2.6bn aggregate principal amount of senior notes (the “Notes”), consisting of three tranches of varying tenor in a private placement. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by AerCap and certain of its subsidiaries. The net proceeds of the private placement were used to finance part of the consideration payable in connection with the acquisition. AerCap’s new $2.75bn four-year unsecured revolving credit facility became available as of the closing of the acquisition, replacing ILFC’s $2.3bn unsecured revolving credit facility. Additionally, as part of the transaction, AerCap procured from AIG a committed fiveyear $1.0bn unsecured revolving credit facility. <strong>AviTrader</strong> <strong>MRO</strong> - June <strong>2014</strong>
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