Sun, Nov 26, 2017
Deal Valued At $100 Million
CAE has concluded the acquisition of AirAsia's share of the Asian Aviation Center of Excellence (AACE) for $100 million (U.S.) (including earn-out). All the required conditions and regulatory approvals have been obtained. The sale and purchase agreement had been announced in a press release dated August 24, 2017.
The acquisition allows CAE to expand its footprint in the fast-growing Asia Pacific aviation market, and further reinforces its position as the global training partner of choice. The 150 employees from the three AACE training centres located in Kuala Lumpur, Malaysia; Singapore; and Ho Chi Minh City, Vietnam become CAE employees as of today.
"As we conclude the transaction and launch a new phase in our relationship, I would like to once again thank AirAsia for their confidence in CAE," said Marc Parent, CAE's President and Chief Executive Officer. "We are pleased to welcome the AACE team to CAE. Together, we will continue to build on the world-class training experience that our customers have come to expect. We look forward to continuing to shape the future of training with you."
CAE remains AirAsia Group's exclusive training partner of choice and will continue to offer training for pilots, cabin crew, maintenance engineers, technicians, and ground services personnel to the airline and those of its affiliates over the long term. The extended training agreement represents an additional order intake of over $350 million (Canadian) added to CAE's backlog.
(Source: CAE news release)
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