Tokyo Century and All Nippon Airways Trading have agreed to purchase a 39% stake in US aftermarket services provider GA Telesis from a Bank of America subsidiary.

Under the deal, which is set to close by the end of October, ANA Trading will pick up a 10% stake in GA Telesis while Tokyo Century's holding will rise to 49.2%.

The 39% stake is being sold by Global Principal Finance, a wholly-owned subsidiary of Bank of America.

"Our initial investment in GA Telesis from 2012 has performed well and proven our initial investment thesis," states Tokyo Century's deputy president Koichi Nakajima. "We have made a commitment to our customers and the industry to provide the best services in aviation. This further investment in the company solidifies our strategy and promise."

Headquartered in Fort Lauderdale, GA Telesis is involved in aircraft leasing, parts sales and distribution, MRO, and engine services.

"This investment in GA Telesis is the next step in our growth strategy, with a clear opportunity to profitably grow our business and better serve our customers," states ANA Trading senior executive president Hideto Osada.

Separately, the three parties have also reached an in-principle agreement to form an engine leasing joint venture "focusing on current-technology jet engines". Equity will be provided by the three companies, and GA Telesis will act as the venture's manager.

Source: Cirium Dashboard