Singaporean sovereign wealth fund GIC is to take a minority stake in Nordic Aviation Capital – joining the regional aircraft lessor's current shareholders, EQT VI and founder Martin Moller.
In addition to injecting new capital into the business, GIC will also purchase part of the existing shareholders' equity, says NAC. FlightGlobal first reported that the lessor was exploring strategic options, including the possibility of a sale, in February.
GIC is no stranger to aircraft leasing, having been an initial investor in Avolon in 2011 and more recently acquired a 30% stake in BBAM.
"It is nearly three years since we partnered with EQT VI to support our growth strategy," states NAC chairman Moller. "GIC brings further financial strength and commercial capabilities that will allow us to take advantage of expansion opportunities as they arise."
Since 2015, Moller and EQT VI have invested more than $4.5 billion in the lessor, which has more than doubled its operating lease income, making it the largest regional aircraft lessor in the world.
"Bringing in a new investor is a step further on the journey of consolidating NAC's position as the world's leading and preferred regional lessor of choice for our customers, OEMs, capital market investors and our dedicated employees," states chief executive Soren Overgaard. "Partnering with GIC will further strengthen our company's commercial and financial position."
NAC is the world's largest owner and lessor of both ATR and Bombardier aircraft. The company has 468 aircraft with a total value of about $8 billion.
Source: Cirium Dashboard