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Macquarie Group to acquire Waypoint Leasing
Global helicopter leasing company Waypoint Leasing Holdings Ltd has entered into an agreement to be purchased by Macquarie Group for around $650 million.
According to Waypoint, the deal will see Macquarie Rotorcraft Leasing combine helicopter assets and management platforms with its own portfolio, as well as employing the Waypoint staff.
Last month, Waypoint announced that it had filed for voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court in order to begin reorganisation of the company.
“This is a momentous step forward in achieving our goal to transform Waypoint,” said Hooman Yazhari, the company’s Chief Executive Officer. “With Macquarie’s strong balance sheet and incredible depth in aviation, the integrated platform will be the most dynamic in the industry.”
In order to complete the sale, Waypoint has received commitments from a consortium of several of its existing lenders for $45 million of debtor-in-possession (DIP) financing. Waypoint says that the DIP financing allows it to continue operating in the ordinary course during its Chapter 11 bankruptcy case.
“We remain incredibly grateful for the support of our stakeholders throughout our transformation process, including our lenders, customers, OEMs and MROs and, above all, our employees who have worked tirelessly,” added Yazhari. “We anticipate a speedy conclusion of the sale process, after which we and Macquarie will reach new heights, poised to capture the many opportunities ahead of us.”
The acquisition is expected to be completed in the first quarter of 2019, with Bankruptcy Court and regulatory approval.
Stephen Cook, Global Head of Transportation Finance at Macquarie, commented: “This transaction builds upon Macquarie’s strong franchise in the aviation finance sector. The Waypoint team has built a leading presence in the helicopter leasing market. Combining our own business and asset expertise, this is a transformative development for our current business.”
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