LONDON – LAWFUEL – China Law + China Business News – Allen & Overy has advised the shareholders of Singapore Aircraft Leasing Enterprise Private Ltd. (SALE) on the USD965 million transfer of SALE to Bank of China Limited. Bank of China Limited has paid USD965 million in cash to acquire 100% of the shares of SALE and USD2.28 billion of debt remains in place.
The shareholders were Singapore Airlines Limited (35.5%), WestLB AG (35.5%), Apfarge Investments Pte Ltd (an investment vehicle of GIC Special Investments Pte Ltd) (14.5%) and Seletar Investments Pte Ltd (a wholly owned subsidiary of Temasek Holdings (Private) Limited) (14.5%).
Since its establishment in 1993, SALE has grown to become the leading Asia-based aircraft leasing company.
The Allen & Overy team is being led by corporate partner Eileen Kelliher, assisted by corporate associates Edward Barnett, Jeremy White and Sophie Davenport. Incentives advice was provided by partner Paul McCarthy and advice on aircraft leasing aspects by partners Julia Salt and Mario Jacovides.
Commenting, Eileen Kelliher said: “We are delighted to have advised the former SALE shareholders on this transaction which was concluded following a competitive bid process managed by Citigroup Global Markets Singapore Pte Ltd.”