Avia Solutions Group, an aviation group owned by Lithuanian businessman Gediminas Ziemelis, is buying Chapman Freebor, a UK charter airline.
© DELFI / Modesta Meškė

The contract on the purchase of 100 percent of shares was signed on June 14 in London, the group said.

It plans to complete the deal of undisclosed value in the third quarter.

Avia Solutions Group board chairman Ziemelis says this acquisition is an important step for the group expanding its business areas and consolidating its position in the global aviations services market.

"This acquisition is part of our strategic plan to expand our presence in key sectors, and significantly strengthens the capabilities of our group. Chapman Freeborn’s client portfolio and its outstanding level of expertise will greatly support our ambition to be the world’s leading aviation services provider," Ziemelis was quoted as saying in a statement.

"Joining forces with Avia Solutions Group will provide us with a greater level of business scale, resources and expertise to accelerate growth and deliver our services to an even wider client base – all while preserving our unique company culture and ongoing commitment to charter market innovation," Russi Batliwala, CEO of Chapman Freeborn, said.

As part of the Avia Solutions Group, Chapman Freeborn will maintain its existing product portfolio and continue to operate under the group’s existing brands – including subsidiaries Chapman Freeborn Airchartering, Chapman Freeborn OBC, Intradco Cargo Services, Logik Logistics, Magma Aviation, and Wings 24.

After the acquisition is completed, subject to customary approvals, Avia Solutions Group will own 66 companies in 26 countries worldwide, with approximately 3,300 professionals in total.

The consolidated revenues of the two entities were 800 million euros for 2018 and are forecasted to exceed 1 billion euros in 2019.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Government expected to approve Amber Grid's security plan

The Lithuanian government is expected to endorse this week the security plans of the natural gas...

One more victory for Vilnius: Finnish company chose Lithuanian capital for its business services office

Metso has decided to establish a new Metso Business Services (MBS) center in Vilnius , the...

Klaipeda expects record number of cruise ships next year

Lithuania's port of Klaipeda says next year's cruise season should be the best on record, the...

Calls for Lithuania to focus more on climate change

Lithuania is among leaders in Europe in seeking energy independence but the country still lags behind...

Hot weather has brought harvest time earlier

Hot weather during this summer has brought harvest time earlier in Lithuania as the winter barley...