08 Aug 2022
North American Aviation Newsletter 8 August
Air Lease Corporation Announces Lease Placement of Two New Airbus A321neo Aircraft with Qanot Sharq Airlines (Uzbekistan)
Air Lease Corporation announced the long-term lease placements for two new Airbus A321neo aircraft with Qanot Sharq Airlines based in Uzbekistan. The aircraft are scheduled for delibvery this Autumn. Air Lease Corporation Vice President, AJ Abedin said “We are very pleased with this placement of two new A321neo aircraft with Qanot Sharq Airlines. Thanks to positive economic reforms intended to encourage private sector growth, the Uzbek economy and middle class have been expanding and Qanot Sharq is successfully servicing the increased travel needs of this growing economy.”
American Airlines Announces Investment in Hydrogen-Electric Engine Developer ZeroAvia
American Airlines announced its investment in ZeroAvia and signed memorandum of understanding (MOU) to order up to 100 engines from ZeroAvia’s hydrogen-electric powertrain development program. The engines are intended to power regional jet aircraft with zero emission. American Airlines CFO Derek Kerr said “Our investment in ZeroAvia’s emerging hydrogen-electric engine technology has the potential to play a key role in the future of sustainable aviation. We are excited to contribute to this industry development and look forward to exploring how these engines can support the future of our airline as we build American Airlines to thrive forever.”
Atlas Air Worldwide to be Acquired by Investor Group Led by Apollo Together With J.F. Lehman & Company And Hill City Capital for $5.2 Billion
Atlas Air Worldwide announced that it has entered into a definitive agreement to be acquired by an investor group led by funds managed by affiliates of Apollo together with investment affiliates of J.F. Lehman & Company and Hill City Capital in an all-cash transaction with an enterprise valuation of approximately $5.2 billion. Atlas Air Worldwide Board of Directors Chairman Duncan McNabb said “We believe this transaction will deliver immediate and certain value to Atlas Air Worldwide shareholders at a substantial premium, and we are pleased to reach this agreement with the Consortium. The Board’s decision to unanimously approve this transaction follows a careful evaluation and thoughtful review of value creation opportunities for shareholders. We believe this transaction is the right next step to maximize value for our shareholders and the best path forward to accelerate the Company’s ability to execute its strategic plan and achieve its long-term growth objectives.”
Global Crossing Airlines Announces Agreement to convert an A321 to A321 P2F with Icelease
Global Crossing Airlines announced the signing of a definitive agreement with Icelease to convert an Airbus A321 aircraft (MSN 2840) and lease to GlobalX for a lease term of eight years. The Aircraft is currently operated by GlobalX in passenger configuration and will be converted at a Precision Aircraft Solutions facility starting in October 2023, and is expected to be placed into freighter revenue service by 2023Q1. GlobalX helped arrange for the sale of the Aircraft from current lessor Magnetic Leasing to Icelease in order to facilitate the conversion agreement.
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