The company has been sold to a consortium of investors from the United Arab Emirates comprising Mubadala Development, Dubai Aerospace Enterprise (DAE) and Istithmar for CHF1.6bn (appx €1.0112 bn).
SR Technics was originally a subsidiary of the former Swissair until 2001. In 2002, 3i and Star Capital's €425m MBO of SR Technics was the largest European MBO in the transport and logistics sector, with 3i taking a 56% stake in the company and Star Capital taking 20%.
Baker & McKenzie Zurich represented 3i and Star Capital in the negotiation of the sale and purchase agreement. At CHF1.6 bn, this is probably one of the largest trade sale exits by a financial sponsor in Switzerland in 2006. Team members of Baker & McKenzie Zurich were Marcel Giger, Martin Frey, Martin Furrer and Matthias Courvoisier.
The new owners will hold a majority stake of more than 90% of SR Technics, with Mubadala Development owning 40% of the consortium's stake and both DAE and Istithmar holding 30% of that stake. The remaining shares will be retained by the management of SR Technics. They will grow the company further by providing access to new capital and to the rapidly growing aerospace markets in the Middle East and the Asia/Pacific region. The transaction is subject to standard regulatory approvals and is expected to be finalised within two months.
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Baker & McKenzie acts for 3i in CHF 1.6bn sale of SR Technics
- United Arab Emirates: Saturday, September 09 - 2006 at 10:25
- PRESS RELEASE
Baker & McKenzie has acted for 3i, Europe's leading private equity and venture capital company, and Star Capital in the sale of Zurich-based SR Technics, the leading independent provider of technical services in the aircraft, component and engine sectors.
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Posted by Lara Lynn Golden, News EditorSaturday, September 09 - 2006 at 10:25 UAE local time (GMT+4)
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This article was updated on Thu Dec 14 2006.
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