Oaktree-backed predator eyes swoop for London-listed Avation

30 October 2024, 09:58 | Updated: 30 October 2024, 11:38

An aircraft leasing company backed by Oaktree Capital, the $200bn US investment giant, is plotting a swoop on London-listed rival Avation.

Sky News has learnt that Azorra Aviation Holdings has been drawing up plans to make an offer for Avation.

City sources said a number of other parties in the aircraft leasing sector were also in the process examining bids.

Singapore-based Avation manages a fleet of over 30 aircraft, with customers having included easyJet,
Air Baltic and VietJet Air.

Its London-listed shares have a market capitalisation of just over £120m.

On Wednesday morning, they were trading at around 173.3p, having risen by more than a third during the last year.

Oaktree, which has assets under management of about $205bn, struck a deal to inject $350m into Azorra alongside the company's management team in 2021.

The status of Azorra's takeover interest in Avation was unclear on Wednesday morning.

It's assessment of a bid comes amid a flurry of consolidation elsewhere in the commercial aircraft leasing industry.

Oaktree declined to comment, while Avation has been contacted for comment.

(c) Sky News 2024: Oaktree-backed predator eyes swoop for London-listed Avation