Terra Firma

AWAS

Description

AWAS is a major international aircraft leasing group with over 70 lessees in 45 countries, including some of the major international and regional airlines. Pegasus, which was acquired by AWAS in June 2007, is one of the world's leading capital providers to airlines for new deliveries and fleet management solutions.  The combined businesses create the third largest aircraft lessor worldwide by assets under management, with more than 230 owned aircraft and approximately 100 further aircraft under management.

Strategy

AWAS has strong asset backing and high visibility of earnings from contracted cash flows, both of which provide downside protection. The investment has an attractive risk-reward profile with the potential to realise attractive returns irrespective of the strength of the aircraft market. AWAS is pursuing a differentiated strategy from its competitors by focusing equally on maximising returns from aircraft leasing and aircraft trading. The acquisition of Pegasus will significantly strengthen AWAS's worldwide position within the aircraft leasing sector. It will also allow the combined company to take advantage of significant benefits from increased scale as well as capitalising further on the attractive outlook for the sector.

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