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Boullioun: and then there were four....
01 December 2004
WestLB's decision to sell Boullioun has led to a fierce bidding competition ? and opened up the market for other leasing companies, including debis Airfinance. Alasdair Whyte analyses the last four.
Read more:
Aviation
WestLB
Boullioun
aircraft leasing
securitization
As you read this, the chances are that someone at a private equity firm is busy analysing Boullioun's portfolio and testing cash-flow assumptions because, although there are now just four groups bidding for the Seattle operating lessor, the hard work is just starting for them and their advisers.
Boullioun officially went on the market in June, with WestLB hoping to sell the lessor by the end of 2004. However, despite a large amount of interest, the process is taking longer than expected and the next bids are due at the end of January. While Citigroup, which is managing the sale of the lessor for the German bank, is hoping to close the deal then, there could still be another round.
Citigroup has short listed four potential buyers: Aviation Capital Group, Cerberus, Indigo Partners and Terra Firma.
The four are believed to have bid between $2.4 billion and $2.5 billion. However, buyers will need...
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