newstodate.aero
Jan 08, 2018 (newstodate): Chinese investors have now taken over one more European aviation business - the Estonian MRO provider Magnetic, managed by Risto Maeots.
Deep pockets of the Chinese company Guangzhou Hangxin Aviation Technology has secured the acquisition of Magnetic that sees the sale as a step forward towards expansion in the Asian markets.
Set up in 1991 and trading as Air Maintenance Estonia, the company was acquired by the Danish carrier Maersk Air in 2002 before being taken over by SAS in 2003.
SAS later sold its stake in the company in 2010 to a Baltic investment group, BaltCap, that has now divested of its entire stock in the company that was re-branded Magnetic from September 15, 2014.
The deal with the new Chinese owner is expected to be fully completed by end of April 2018.
Deep pockets of the Chinese company Guangzhou Hangxin Aviation Technology has secured the acquisition of Magnetic that sees the sale as a step forward towards expansion in the Asian markets.
Set up in 1991 and trading as Air Maintenance Estonia, the company was acquired by the Danish carrier Maersk Air in 2002 before being taken over by SAS in 2003.
SAS later sold its stake in the company in 2010 to a Baltic investment group, BaltCap, that has now divested of its entire stock in the company that was re-branded Magnetic from September 15, 2014.
The deal with the new Chinese owner is expected to be fully completed by end of April 2018.