Air Canada has sold its remaining 10.2% interest in leasing company GPA. The bulk of the shares have been acquired by a Texas Pacific Group subsidiary, although other shareholders have also purchased shares. Air Canada will realise an after-tax gain of C$18 million ($11.7 million) on the sale. Although the airline wrote off its investment in GPA in 1993, taking an C$80 million charge, it said it made an overall return of 46% on its investment in GPA. Texas Pacific has a controlling interest in the Irish company, although employees, GPA founder Tony Ryan and Aer Lingus also have holdings.
Source: Flight International