China’s HNA Group is to take over Swiss-based maintenance firm SR Technics, with the acquisition of a majority shareholding from sole owner Mubadala.

HNA will take an 80% stake in SR Technics through its HNA Aviation division, the maintenance firm says, with Mubadala retaining the 20% balance.

No financial details have been disclosed.

Abu Dhabi investment vehicle Mubadala has been a shareholder of SR Technics since 2006.

Its aerospace and engineering services chief, Homaid Al Shimmari, says the company has “found and ideal partner” to continue the development of SR Technics.

SR Technics says that it will “continue to focus” on providing integrated maintenance, repair and overhaul for aircraft, components and engines.

HNA Group vice-chairman Chen Wenli states that the Chinese firm “fully supports” the long-term strategy of the company and its management team.

Mubadala’s Al Shimmari adds: “We remain fully convinced of the long-term potential of SR Technics, and will remain actively involved through our stake and our representation on the board.”

Source: Cirium Dashboard