Gama Aviation Seals $131 Million Sale to West Star Aviation in Latham & Watkins Guided Deal
America ı By Rochdi Rais
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Farnborough, England, — Gama Aviation, the British aerospace company based in Farnborough, has inked a substantial deal, selling its U.S.-based maintenance, repair, and overhaul business to private equity-backed West Star Aviation for approximately $131 million. This significant transaction, facilitated by the legal counsel of Latham & Watkins LLP, is poised to "materially benefit the group's stakeholders."
Gama Aviation (Eng) Inc., which operates under the name Jet East, is at the heart of this lucrative deal. The sale is expected to result in net proceeds of around $100 million, creating a buzz in the aviation industry.
West Star Aviation Enterprises LLC, the private equity force behind the acquisition, received expert guidance from Latham & Watkins LLP throughout the process. Legal representation details for Gama Aviation were not immediately available.
Marwan Khalek, Gama's Chief Executive, shared insights into the decision to seal the deal with U.S. private equity firm The Sterling Group, the driving force behind West Star Aviation. He noted that this strategic move came about after several discussions with interested parties.
Khalek added, "The board and I have long since believed that the group has significant underlying value, and the resultant proceeds from this transaction clearly affirm this perspective."
He also highlighted the broader strategic implications of this deal, stating, "This deal provides Gama Aviation the appropriate capital to allow us to capture the tremendous opportunities we have in our Special Mission, Technology & Outsourcing, and Business Aviation strategic business units."
Gama Aviation, a company listed on the London Stock Exchange, has announced that the sale is subject to shareholder approval. A general meeting has been scheduled for November 3 to seek this vital approval. An encouraging factor for the deal is that shareholders representing 50.3% of its shares have already committed to voting in favor of the agreement, slightly surpassing the required 50% mark.
Gama Aviation's journey led to this significant transaction, having acquired Jet East in 2021 for around $12 million. This purchase followed the sale of its U.S. aircraft management business to WheelsUp. Gama consolidated Jet East's operations with its existing maintenance activities in the United States, investing a noteworthy $25 million to support its growth. This investment also facilitated the establishment of new facilities in Millville, New Jersey; Las Vegas; and Statesville, North Carolina.
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