Home News Local News Merger of AerSale, Monocle Acquisition Corp. completed

Merger of AerSale, Monocle Acquisition Corp. completed

0

Copyright © 2021 Roswell Daily Record

The merger of AerSale Inc. with Monocle Acquisition Corp. has been completed after AerSale’s shareholders approved the business transaction Monday.

AerSale Inc. has operations in Roswell at the Roswell Air Center, leasing several hangars for its maintenance, repair and overhaul (MRO) operations.

The international corporation is headquartered in Coral Gables, Florida, and has about 400 employees. In addition to MRO work, it is involved in converting passenger aircraft into freight aircraft, selling and leasing jets, and other aviation-related functions.

Monocle was formed for the sole purpose of finding a company to acquire and take public.

Monocle considered 96 companies as merger partners. It began negotiations with AerSale in April 2019, according to filings with the U.S. Securities and Exchange Commission.

Support Local Journalism
Subscribe to the Roswell Daily Record today.

Those documents estimated that the merger was worth about $300 million to $315 million. AerSale’s management is expected to remain in place following the deal.

“The transaction strengthens our financial position, and provides us with resources to further execute on our plans to expand our asset purchase program, extend our reach in passenger-to-freighter conversions and bring our innovative AerAware technology to market,” Nicolas Finazzo, chairman and chief executive officer of AerSale, said in statement.

AerAware is described on the corporation’s website as “enhanced flight vision systems,” headgear utilizing imaging and visual data that enables pilots to fly during low visibility conditions.

Finazzo added that the company’s long-standing relationship with the investment firm of Leonard Green & Partners will continue following the merger.

On Wednesday, AerSale began trading stock “over the counter” on NASDAQ under the symbol “ASLE.”