SR Technics’ sole shareholder, Mubadala, has agreed to sell an 80% stake in the company to HNA Aviation, a global enterprise group based in Haikou, China. SR Technics will remain a standalone business within HNA Aviation’s portfolio of aviation businesses. Mubadala, a shareholder since 2006, will retain a 20% stake in the company. The transaction remains subject to anti-trust and regulatory approvals.
“HNA fully supports the existing long-term strategy and executive management team, and will be a reliable partner to support SR Technics’ focus on continuing to deliver value to its existing customers, and expanding its global MRO business,” said Chen Wenli, vice chairman of HNA Group.
“We are pleased to welcome HNA Aviation as our majority shareholder at a time when we are focused on expanding our global presence,” said Jeremy Remacha, interim CEO of SR Technics. “In addition to continuing to serve our existing customers, including our growing support of the Etihad Airline Group, further expansion into the fast-growing Asia-Pacific market is a priority for SR Technics and HNA will support this through its growing network of regional and global businesses. We are also pleased to retain the support of Mubadala, which has been critical in our development to date.”
July 20, 2016