LONDON (Alliance News) - Infrastructure and support services company Stobart Group Ltd on Wednesday said it has agreed to acquire further stakes in its Stobart Air and Propius Holdings Ltd joint ventures from Invesco Asset Management Ltd.
Stobart invested alongside Invesco in 2012 in Everdeal Holdings Ltd, the holding company for Stobart Air, and in Propius, in order to support the growth of Stobart's aviation business.
Under the new agreement, Stobart will pay GBP12.0 million to acquire all of Invesco's interest in Propius, an aircraft leasing venture. This will give Stobart 67% ownership of Propius, the other third of which is owned by Irish flag carrier Aer Lingus.
It will also pay GBP500,000 to acquire up to 40% of Everdeal from Invesco, which will increase Stobart's holding in the venture to around 80%.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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