Sin­ga­pore wealth fund buys stake in Bar­ring­ton jet firm

Irish Independent - Business Week - - BUSINESSWEEK - John Mulligan

SIN­GA­PORE wealth fund GIC – which owns 16pc of Ir­ish tele­coms firm Eir – has agreed to buy a 30pc stake in global air­craft man­age­ment com­pany BBAM as it eyes in­creas­ing de­mand for jets and air travel in Asia.

BBAM share­hold­ers in­clude for­mer Aer Lin­gus chair­man Colm Bar­ring­ton, pic­tured.

GIC did not dis­close how much it’s pay­ing, but it’s cer­tain to be at a pre­mium to the $165m that was paid by Cana­dian pri­vate eq­uity firm Onex in 2012 for a 50pc stake in BBAM.

BBAM’s man­age­ment team owns the other 50pc of the com­pany. GIC will ac­quire shares from both the man­age­ment team and Onex.

BBAM man­ages and ser­vices the fleet of Dublin-based air­craft-leas­ing firm Fly Leas­ing, which is listed on the New York stock mar­ket. Mr Bar­ring­ton is the chief ex­ec­u­tive of Fly Leas­ing, but an em­ployee of BBAM, which pro­vides his ser­vices to Fly Leas­ing. BBAM share­hold­ers also own 14pc of Fly Leas­ing.

Fly Leas­ing has a fleet of 81 air­craft worth $3bn, mostly sin­gle-aisle Air­bus A320 fam­ily jets and Boe­ing 737s. It told in­vestors yes­ter­day that it plans to com­plete $750m (€628m) worth of jet ac­qui­si­tions a year as it boosts its port­fo­lio, and that it has more than $2bn of buy­ing power.

Con­tin­u­ing growth in air travel within Asia has in­creased the in­ter­est of in­vestors there in the leas­ing sec­tor.

In­tel has won a po­ten­tially im­por­tant bat­tle in its long-run­ning war to over­turn a €1.06bn Euro­pean Com­pe­ti­tion Com­mis­sion. Europe’s top judges have or­dered a lower court to re-ex­am­ine the case in a rare win for a US tech­nol­ogy com­pany un­der pres­sure from Com­mis­sioner Mar­grethe Vestager’s pow­er­ful com­pe­ti­tion au­thor­ity. See page 2

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