(Sharecast News) - Aviation services group Air Partner surged on Thursday after it agreed to be bought by US private aviation company Wheels Up in a £84.8m deal.
Under the terms of the acquisition, which is expected to close in the first quarter, Wheels will pay 125p per share in cash.
Air Partner chair Ed Warner said the Wheels Up offer represents "a fair and recommendable price for shareholders, which recognises Air Partner's capabilities, value and future prospects".
"We have also looked very carefully at Wheels Up's intentions for Air Partner's business, management, employees, customers and other stakeholders and strongly believe that the acquisition will enable Air Partner to achieve great success in the future as part of the enlarged Wheels Up Group.
"In particular, the Air Partner board notes the importance and value attached by Wheels Up to the skills and experience of Air Partner's team, who have helped make the business what it is today. The Air Partner board is confident that this is the correct course for Air Partner, and one that is in the best interests of all stakeholders."
At 0940 GMT, Air Partner shares were up 52% at 123.30p.
1 Apr 2022 12:29
IN BRIEF: Air Partner takeover by US's Wheels Up becomes effective
Air Partner PLC - Gatwick, England-based aviation services firm - Takeover offer from Wheels Up Experience Inc, worth GBP84.8 million, becomes effecti...