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ADQ submits shareholding offer to ADA

ADQ will combine 100 percent of its shareholding of some firms into ADA. (ADA)
By TRENDS Desk
October 17, 2022 10:19 pm
  • The combined group would have assets of approximately AED 9.4 billion ($2.6 billion) with an extensive portfolio of aircraft, MRO centers and hangars.
  • Following completion, ADQ would own approximately 59 percent of the entire issued share capital of ADA.
Abu Dhabi, UAE—ADQ, an Abu Dhabi-based investment and holding company, has submitted an offer to Abu Dhabi Aviation (ADA) to combine its 100 percent shareholding of Etihad Engineering and AMMROC, as well as its 50 percent ownership of GAL, into ADA.
The company said the aim behind the offer is to establish a diversified aviation services and MRO business, with strategic market access and commercial relationships with the world’s largest global aircraft manufacturers and OEMs.

The combined group would have assets of approximately AED 9.4 billion ($2.6 billion) with an extensive portfolio of aircraft, MRO centers and hangars.

Upon closing of the transaction, ADA will issue to ADQ a convertible instrument that would convert into approximately 652 million ordinary shares in the capital of ADA. The price at which the convertible instrument will convert into shares in ADA is AED 6.14 per share. The offer implies an equity valuation of approximately AED 2.7 billion for ADA. Following completion, ADQ would own approximately 59 percent of the entire issued share capital of ADA.

Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, said, “The proposed combination will provide a framework to investing in the future development of an advanced aviation ecosystem that supports the sustainable transformation of Abu Dhabi and the UAE’s economy for the long-term.”

If the Board of Abu Dhabi Aviation recommends proceeding with the transaction, it will be subject to shareholder and regulatory approvals.

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