London, 30th March 2016 – AVIC International Holding Corporation (AVIC), the leading Chinese multinational aviation company, and AIM Altitude today confirmed that the sale of AIM Altitude to AVIC International is on track to complete within the next 45 days. The binding purchase agreement governing the transaction was signed in November 2015, with the transaction subject to customary regulatory approvals. The relevant competition authorities have since approved the transaction, together with the parent Company of AVIC International, and the final forms necessary for the relevant Chinese regulatory approvals were filed on Monday 21st March.
Mr Mark Edwards, CEO of AIM Altitude said: “We are looking forward to growing AIM Altitude through the combination of our design, engineering and manufacturing expertise with AVIC’s strengths as a major strategic aerospace business.”
AIM Altitude will become a wholly owned subsidiary of AVIC and will continue to operate as it does today supporting its existing and new airline customers in the Middle East, Europe and the Americas, as well as in China and Asia Pacific.
Mr Xu Tongyu, Vice President of AVIC International said: “AVIC International is a leading diverse multinational corporation covering the whole aviation industry and value chain. AIM Altitude’s expertise in cabin interiors will further extend our core capabilities and international competitiveness. We look forward to welcoming the AIM Altitude team and employees into the group.” Earlier this year, the AVIC leadership team received an award by the UK’s “48 Group Club” for its acquisition of AIM; the prestigious award was collected by the Chairman of AVIC International Mr Wu Guangquan.
Mr Andy Stevens, Chairman of AIM Altitude and former CEO of Cobham plc said: “We are delighted for Mark and his team, who are joining a world class organisation. The Combination with AVIC will enhance AIM Altitude’s strengths, and will position the Company as a true competitor in the cabin interiors market.”
During TowerBrook’s ownership, AIM Altitude has strengthened its relationship with leading aircraft manufacturers Boeing and Airbus and with major global airlines including Emirates and Qatar Airways. The acquisition of Altitude from Air New Zealand in 2014, helped position AIM Altitude as a key partner for Boeing’s 777 aircraft, while the relationship with Airbus was strengthened further through work on new Airbus long-range platforms.
The transaction is subject to regulatory approval and is expected to complete within 45 days, following receipt of all internal and regulatory approvals.