UAE investors gobble up SR Technics
Zurich-based SR Technics, a global player in the MRO business, is to be acquired by a consortium of three investors from the UAE.
The new owners’ consortium is made up of Mubadala Development, Dubai Aerospace Enterprise (DAE) and Istithmar. The transaction value is around US $1.3 billion.
“The long-term strategic investment interest of the buyers, their considerable financial means and their excellent contacts make this transaction the best strategic option for SR Technics,” said Frank Turner, chairman. “The consortium recognises SR Technics as a leader in the industry and sees tremendous growth potential for our company throughout the world.”
A statement said that the new owners of the company will continue to support its international growth strategy by providing capital and smoothing access to new markets. SR Technics will remain a standalone independent corporate entity led by the current CEO Hans Lerch and his management team.
The company’s headquarters will continue to be at Zurich Airport and its present facilities and work force of approximately 5 000 employees will be retained. “This investment is all about building SR Technics’ business,” said Waleed Al Mokarrab Al Muhairi, COO of Mubadala Development.