Eaton buys Cobham air refueling arm for $3bn as Advent sell-off begins February 1, 2021 Engineering firm Eaton today announced that it would buy Cobham’s air-to-air refueling arm for $2.8bn (£2bn). The deal values Cobham Mission Systems at about 14 times its 2020 earnings. US private equity firm Advent bought Cobham last year and proceeded to split it into nine divisions, of which Mission Systems was one. Opponents of the [...]
Heathrow boss slams government’s ‘discriminatory’ airport support scheme January 30, 2021 The government’s financial support scheme for airports has today opened to applications but was swiftly slammed by Heathrow and fellow operators. Under the scheme, airports and baggage handlers can apply for up to £8m in business rates relief. Transport secretary Grant Shapps announced that the support was now available via Twitter. But the boss of [...]
UK extends airport slot waiver through summer season January 29, 2021 The UK has extended its waiver on the “80:20” airport slot rule through the lucrative summer season, it was announced today. The decision, which was announced this morning by industry body Airport Coordination Limited (ACL), will be a much-needed boon for the UK’s embattled carriers. In a statement, it said: “The UK’s Secretary of State [...]
MPs join calls for support for aviation industry as new restrictions kick in January 21, 2021 A group of over 80 MPs have today backed calls for the government to lay out specialist package of support for the aviation and travel industries. Henry Smith, chairman of future of aviation all-party parliamentary group, today wrote to Boris Johnson demanding the government bring forward plans to protect the embattled industries. In the letter, [...]
Aviation industry launches fresh plea for government support January 20, 2021 The UK’s aviation industry has come together in a fresh plea for extra government support for the struggling industry. Representatives from the country’s biggest trade bodies have called for a aviation and aerospace recovery plan including short-term financial relief for airports and airlines. Measures include the extension of a suspension of business rates to aviation [...]
New York fund GIP takes lead in bidding war for Signature Aviation January 11, 2021 The board of Signature Aviation have this morning accepted a $4.6bn (£3.4bn) takeover offer from New York fund Global Infrastructure Partners (GIP). Shares in the firm rose 8.8 per cent on the back of the announcement. The $5.50 a share bid beat off competition from Blackstone, which had won the backing of billionaire Bill Gates, [...]
Blackstone secures Bill Gates support in bidding war for Signature Aviation January 8, 2021 The Blackstone Group has the support of a big-name backer – Bill Gates- the largest shareholder in Signature Aviation, strengthening the firms bid to buy the private-jet servicing company. The support comes in opposition to rival bidder Carlyle and strengthens Blackstone’s $4.29bn (£3.16bn) offer alongside Gates’ Cascade Investment. Blackstone and Cascade, which own a near [...]
Mandatory testing is the boost the travel industry needs January 7, 2021 Lockdown 3 has once again decimated the travel industry. There is a total ban on foreign trips except for very specific reasons such as work or urgent medical or compassionate need. We are in a total mess but there is one clear way out. The government needs to act quickly and introduce stringent Covid testing for [...]
Khan pushes for airport testing, while airport boss wants taxpayers to foot bill January 7, 2021 Sadiq Khan pushes for airport testing, while Southend airport boss wants taxpayers to pay for pre-flight tests
Airline passenger numbers plummet over Christmas period January 5, 2021 The number of passengers flown by Ryanair and Wizz Air fell over 80 per cent for the second consecutive month in December as a dire year for the industry came to and end. The Irish flier carried just 1.9m people last month, down 83 per cent from 11.2m the year before. For the year as [...]