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Mon, Feb 28, 2011

As Predicted... Cirrus 'Merges' With China's CAIGA

The End Of A Uniquely American GA Icon?

After previous denials, Cirrus has admitted that the company will attempt to "merge" with the China Aviation Industry General Aircraft Co., Ltd. (CAIGA). The scenario is described as a "definitive merger agreement pursuant to which CAIGA would acquire Cirrus."

The transaction is expected to close around mid-2011. The acquisition of Cirrus by CAIGA is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act and by the U.S. Government’s Committee on Foreign Investment in the United States (CFIUS), as well as obtaining all relevant Chinese Government Approvals.

CAIGA reports itself to be a provider of general aircraft products and related services headquartered in Zhuhai in the Guangdong Province of China. Meng Xiangkai, CAIGA’s President, stated, “CAIGA is dedicated to being an international leader in the provision of general aviation products and services, and light piston aircraft is one of CAIGA’s business focuses. We are very optimistic to begin our partnership with Cirrus and add Cirrus’s strong brand as the cornerstone in our aviation product portfolio. We are deeply impressed with Cirrus's performance in the global general aviation industry, especially with its consistent product performance, comprehensive safety features, outstanding management team, highly skilled employee base and advanced production facilities as well as its expanding global footprint. We look forward to working with Cirrus’s management team to build upon Cirrus’s proven success and to further expand production volume in order to cement Cirrus’s existing leadership position in the global general aviation industry, as well as to produce greater job opportunities in Duluth and Grand Forks.“

VRA Partners, LLC acted as financial advisor and King & Spalding LLP acted as legal advisor to Cirrus in relation to this transaction. Citigroup Global Markets Limited and CITIC Securities acted as joint financial advisors to CAIGA in relation to this transaction. Dewey & LeBoeuf LLP acted as legal advisor and Ernst & Young LLP acted as accounting and tax advisor to CAIGA.

FMI: www.cirrusaircraft.com

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