Terra Firma, CPPIB-backed AWAS to Sell $4B Aircraft Portfolio
March 05, 2015
AWAS, an aircraft lessor owned by Terra Firma (75% stake) and the Canada Pension Plan Investment Board (25%), has entered into an agreement to sell a portfolio of 90 aircraft to Macquarie Group for a total consideration of $4 billion. The portfolio is comprised of a fleet of 90 young and primarily narrow-body aircraft currently leased to 40 airlines. Terra Firma has held a majority ownership share in AWAS since 2006, with the company's EBITDA growing from $256 million that year to $1.08 billion in 2014. The deal is expected to close within the next 12 months.