BBA Aviation offered $2.065 billion for Landmark Aviation
The proposed deal would merge BBA Aviation's Signature Flight Support business, which has the highest number of fixed base operations (FBO) in the United States, with Landmark's, which has the third highest, in a market that continues to remain highly fragmented.
"This is the right time to buy this asset, it's the right price and we know the business very well," Chief Executive Simon Pryce said in a media call, terming the acquisition sizeable and relatively low risk.
Landmark Aviation, which is owned by private equity firm Carlyle Group LP (CG.O), has been exploring a sale as the corporate jet market is slowly recovering from a downturn sparked by the global financial crisis, helping valuations for companies offering services in the industry. ■