E&Y helps create commercial pilot training group
Firm advised on disposal of a majority equity stake
Ernst & Young acted as advisers for GE
Commercial Aviation Services Business (GECAS) on the disposal of a majority
equity stake in General Electric Commercial Aviation Training (GECAT), its pilot
training business, to STAR Capital
Partners.
The deal valued the combined businesses in excess of $275m (?140m) and
created one of the largest independent providers of commercial pilot training
services in the world.
STAR simultaneously purchased entire share capital of SAS Flight Academy
(SASFA) from SAS AB (SAS) and then merged the two pilot training businesses into
a new buy-out entity.
Ken Williamson and Boota Kular of Ernst & Young M&A advisory services
commented: ‘GE was not only a vendor of a majority stake in GECAT but also an
investor and partner in the combined GECAT/SASFA business post-transaction.’
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