LAWFUEL – The Law News Network – The international law firm Clifford Chance advised Jet Aviation Group on the financing of the acquisition of the US company Midcoast Aviation Inc., St. Louis. The company employs approximately 850 people and generated a turnover of USD 138 m in the 2004/05 business year.
By acquiring this company Jet Aviation Group, the majority of which is owned by funds advised by Permira, intends to enhance its activities in the American region. An agreement on the share purchase and the financing of the transaction was signed last week. The closing is to take place at the End of March. The sale is subject to the competent authorities granting their consent.
The Permira funds have acquired Jet Aviation Group in October 2005 and was equally advised by Clifford Chance on the financing issues back then. This acquisition was one of the major LBOs in Switzerland last year.
The Swiss service provider Jet Aviation Group, founded in 1967, is one of the market leaders in the business and private aviation sector and has more than 3,500 employees worldwide.
Clifford Chance’s advisory team consisted of partner Dr. Bettina Steinhauer and associates Alexandra Hagelüken and Gunshan Moseley, all Banking & Capital Markets, Frankfurt.