MRO MARKET– HAECO TO ACQUIRE TIMCO AVIATION SERVICES

It has been revealed today that Hong Kong Aircraft Engineering Company (HAECO) has entered into a conditional stock purchase agreement for the acquisition of US maintenance, repair and overhaul (MRO) company TIMCO Aviation Services (TIMCO) for a cash consideration of US$388.8 million, subject to closing adjustments. The Seller is a company controlled by investment vehicles managed by Owl Creek Asset Management, an investment manager based in the US. Subject to satisfaction of the conditions in the stock purchase agreement, the acquisition is expected to be completed in the first quarter of 2014. TIMCO, headquartered in Greensboro, North Carolina in the