UK-based logistics giant Stobart Group has announced it will shortly increase its shareholding in Stobart Air (Dublin International) in what has been seen as a precursory move ahead of a possible sale of the airline to CityJet (WX, Dublin International).
The firm said in a filing with the London Stock Exchange that it had agreed to pay Invesco Asset Management Limited over GBP500,000 (USD615,092) for a stake of up to 40% in Everdeal, Stobart Air's holding company. The Group's shareholding in Everdeal will grow to beyond 80% should the deal go through.
At the same time, Stobart Group has also agreed to acquire a 33% stake in Propius Holdings Limited, a Cayman Islands-based lessor which owns and leases aircraft out to Stobart Air, for GBP12 million (USD14.7 million). This would give Stobart Group control over 66% of Propius's total shareholding with the remainder owned by Aer Lingus (EI, Dublin International).
Completion of the Everdeal acquisition and the Propius transaction are both expected to occur in November 2016.
Stobart Air has been linked to a possible takeover by CityJet. Should the merger occur, it would create one of Europe's largest regional operators. In July, it was reported that Aer Lingus had given its consent to the proposed buy-out.
