渤海租賃收購愛爾蘭飛機租賃公司

The bidding battle for Avolon has ended with Bohai Leasing, a unit of the Chinese aviation and shipping company HNA, snapping up the Dublin-based aircraft leasing company in a deal valuing its equity at just over $2.5bn.

圍繞Avolon的競購戰已經結束，中國航空和航運公司海航集團(HNA Group)旗下的渤海租賃(Bohai Leasing)將這家總部位於都柏林的飛機租賃公司納入囊中。這筆交易對Avolon的股本估值達到略高於25億美元。

It beat out AVIC Capital, a subsidiary of state-owned Aviation Industry Corp of China, which began talks with US-listed Avolon a year ago. Aircraft leasing is attracting growing attention and dollars in Asia, with Japan’s Mitsubishi Corp and Hong Kong-based billionaire Li Ka-shing among recent investors.

渤海租賃擊敗了中航資本(Avic Capital)，後者是國有的中國航空工業集團(China Aviation Industry Corp)旗下子公司，一年前與在美國上市的Avolon開啓談判。飛機租賃業務在亞洲吸引了越來越多的關注和投資，日本三菱(Mitsubishi Corp)和香港億萬富翁李嘉誠(Li Ka-shing)近年都投資於該業務。

Bohai secured its prize early on Friday with an offer of $31 a share, $1 a share below its previous offer and a 31 per cent premium to the undisturbed share price on July 13. Including debt, the price equates to an enterprise value of $7.6bn.

渤海租賃週五早間以每股31美元贏得競購，該報價比此前報價低1美元，較7月13日未宣佈競購消息前的股價有31%的溢價。交易價格包括承擔Avolon的債務，相當於76億美元的企業價值。

The deal, approved by Avolon’s board, is expected to be completed in the first quarter of 2016.

該交易已得到Avolon董事會的批准，預計在2016年第一季度完成。

It has been a fraught battle but one with generous rewards for Avolon’s investors, which include private equity groups Cinven, CVC and Oak Hill. Avolon listed last December at $20 a share.

這是一場一波三折的併購戰，但它爲包括私人股本集團Cinven、CVC和Oak Hill在內的Avolon的投資者帶來了豐厚回報。Avolon於去年12月上市，發行價爲每股20美元。

Bohai was forced to sweeten its initial offer of $26 a share for a 20 per cent stake in July to $32 the following month after an informal rival offer emerged, understood to be from AVIC Capital, a subsidiary of Aviation Industry Corp of China.

今年7月，渤海租賃最初提出以每股26美元收購Avolon 20%的股份，但在8月據信來自中航資本的非正式報價出現後，該公司不得不將報價提高至每股32美元。

The two companies said the agreed price of $31, trimmed by $1, “reflects significant volatility across global equity markets”. Bohai had agreed to raise its break fee by $100m to $350m, “to provide greater certainty of value and reflecting its commitment to the transaction.”

兩家公司表示，雙方最終商定的31美元（即降低1美元）的價格，“反映出全球股市的巨大波動”。渤海此前同意將分手費提高1億美元，至3.5億美元，“以讓交易價值更具確定性，並反映出其對該筆交易的承諾”。

Denis Nayden, Avolon chairman, said Bohai would bring profile and China relationships to the group. The China market, he said, offers “one of the most compelling growth opportunities in global aviation over the next two decades”.

Avolon董事長丹尼斯蔠築(Denis Nayden)表示，渤海將爲Avolon帶來知名度和中國市場的人脈。他說，“在未來的20年內，中國市場將提供全球航空業最吸引人的增長機遇之一”。

Bohai, which is listed in Shenzhen, is a subsidiary of HNA, which is privately owned and focuses on aircraft, shipping and tourism.

在深圳上市的渤海租賃是海航旗下子公司，海航是一傢俬人控股企業，從事航空、航運和旅遊業務。

Avolon, one of the world’s fastest-growing aircraft leasing businesses, last month reported a better than expected second quarter, recording net income of $55.6m for the three months to the end of June 30, up 133 per cent compared with the same time last year. Revenue rose 38 per cent to $183.9m.

Avolon是全球增長最爲迅速的飛機租賃企業之一，該公司上月發佈的二季度業績超出預期，在截止6月30日的3個月裏實現淨利潤5560萬美元，同比增長133%。營收增長38%，至1.839億美元。