JSA becomes part of Mitsubishi UFJ

Source: Flightglobal.com
This story is sourced from Flightglobal.com

Jackson Square Aviation officially became part of Mitsubishi UFJ & Finance on 11 January, three months after inking a deal with the Japanese investment firm.

"We are excited to introduce the next phase of Jackson Square's development," says Richard Wiley, president and chief executive officer of JSA in a statement today.

Mitsubishi UFJ agreed to acquire JSA on 4 October for 100 billion yen ($1.27 billion) and fund the purchase using cash on hand and bank loan facilities. The firm is Japan's largest financial group and the world's second largest bank holding company with around $1.7 trillion in deposits as of March 2011.

JSA's has a fleet of 78 aircraft, managed and owned, with a book value in excess of $4 billion, originated through sale and leaseback transactions, according to the lessor's website.

Mitsubishi UFJ has a four-aircraft portfolio, according to Flightglobal's Ascend Online database. Two 2006-built Boeing 737-800s are on lease to Air China; Hainan Airlines leases another 737-800 (2006) and a 2010-built Boeing 777-300 is on lease to Air New Zealand.

JSA's primary shareholder Oaktree Capital Management, a Los Angeles-based private equity fund, mandated Deutsche Bank to manage the sale.

In 2007 Oaktree Capital sold its interest in operating lessor Pegasus Aviation to Terra Firma for $5.2 billion.