AIR.L Share News (AIR)

(ShareCast News) - Aviation services group Air Partner has reached an agreement to acquire aviation safety consultant Baines Simmons in a deal worth £6m.The London-listed group said it expects the acquisition of the consultancy firm, which has over 750 aviation organisation and 40 aviation authorities on its books, to be earnings enhancing in its first 12 months of ownership.Air Partner added the acquisition will improve its product offering and services, as well as providing a boost to its broking division."The acquisition of Baines Simmons is an exciting step for Air Partner," said group chief executive Mark Briffa."We look forward to working with the team at Baines Simmons on a range of strategic and complimentary growth opportunities."The deal was well received by analysts at Liberum, who described it as a "logical and accretive acquisition" and lifted their target price on the stock from 480p to 505p, while maintaining a 'buy' rating."The deal adds income streams that should be more stable than air charter broking, with better visibility and margins," they said in a note on Wednesday."We see the deal as 7% earnings-enhancing in the first full year, without assuming synergies."Air Partner shares were up 3.68% to 453.59p at 0907 BST on Wednesday.