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blank 09/29/15 10:44AM Company Announcement, FBO, Press Release

BBA Aviation Announces Proposed Acquisition of Landmark Aviation


BBA Aviation plc (the "Company" and, together with its subsidiaries, the "Group") recently announced that it has entered into a stock purchase agreement to acquire Landmark Aviation ("Landmark"), an integrated aviation provider offering end-to-end services for aviation customers, for a consideration of $2,065 million (the "Acquisition").  BBA Aviation also announced the launch of a rights issue to raise 748 million in proceeds (the "Rights Issue") which will be used to finance in part the Acquisition.

Landmark is one of the largest FBO networks in the world, with 68 locations in the United States, Canada, France and the United Kingdom. It has locations at premier airports including New York (White Plains), New Jersey (Teterboro), Los Angeles, Miami, San Diego, Washington DC (Dulles), Paris (Le Bourget) and London (Luton).  Landmark is one of the leading charter operators in the United States currently with over 110 aircraft under its charter and management flying over 15,000 charter hours annually.

The Rights Issue is a fully underwritten 6 for 5 rights issue of 562,281,811 million ordinary shares of 27.5 pence each in the capital of the Company at a price of 133 pence per ordinary share ("New Ordinary Shares").

The Board of Directors of the Company (the "Board") believes that the Acquisition represents a good opportunity for Signature Flight Support ("Signature") and its customers to create significant cost-saving and quality-enhancing efficiencies in the fragmented fixed base operation market by applying Signature's operational excellence to Landmark's portfolio. The Acqusition deepens the Company's exposure to the attractive business and general aviation market with its structural growth drivers.
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