Mon, Feb 28, 2011
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.
More News
Airbus Racer Demonstrator Makes Inaugural Flight Airbus Helicopters' ambitious Racer demonstrator has achieved its inaugural flight as part of the Clean Sky 2 initiative, a corners>[...]
A little Bit Quieter, Said Testers, But in the End it's Still a DA40 Diamond Aircraft recently completed a little pilot project with Lufthansa Aviation Training, putting a pair of >[...]
Line Up And Wait (LUAW) Used by ATC to inform a pilot to taxi onto the departure runway to line up and wait. It is not authorization for takeoff. It is used when takeoff clearance >[...]
Contributing To The Accident Was The Pilot’s Use Of Methamphetamine... Analysis: The pilot departed on a local flight to perform low-altitude maneuvers in a nearby desert val>[...]
From 2015 (YouTube Version): Overcoming Obstacles To Achieve Their Dreams… At EAA AirVenture 2015, FedEx arrived with one of their Airbus freight-hauling aircraft and placed>[...]
Airbus Racer Helicopter Demonstrator First Flight Part of Clean Sky 2 Initiative
See All