American airline company invests 354 million USD in Lithuanian Avia Solutions Group
Investments will allow ASG to the next phase of development.
Lithuanian multi-business aviation holding Avia Solutions Group (ASG) signed strategic partnership with American investment company Certares Management that will provide refilling of the shared capital for total amount of 354 million USD. Several company employees will be included into ASG board of directors.
Certares company specializes in the tourism, travels and hospitality. In such a way Lithuanian company will receive access to expert investigation of American colleagues and also to industry contacts.
Investments will allow ASG to move to the next phase of the development of passenger and cargo air transportation, maintenance, repair and engineering, aircraft staff training, ground service and logistics. Investments will be directed to strategic acquisitions, capital investments and other corporate goals.
“This important partnership marks start of one more long-term stage of development of Avia Solutions Group and further growth of our global partner network, – underlined ASG chairman Gediminas Ziemelis, – Taking into account impressive background of Certares and concentration exclusively on travel sector we are sure that partnership will be worthful for the next phase of Avia Solutions Group growth.”
“Certares investments will support growth and ASG consolidation strategy in the area of aviation services in which company has already reached both quality successes and scale, – marked Certares senior managing director Tom Klein. – Reputation of the management company in reaching leading positions on the market of aviation services, wide geographic coverage, synergia and proved capability to integrate acquiring businesses make ASG ideal partner for us”.
Transaction must be approved by regulating agencies. It is expected that completion will take place in the 4th quarter 2021.