Gama Aviation To Merge With Hangar 8

Executive air charter company Gama Aviation, part of the Gulf-based investment firm Growthgate Capital, has proposed a £82m ($127m) reverse takeover with private jet operator Hangar 8.

Executive air charter company Gama Aviation, part of the Gulf-based investment firm Growthgate Capital, has proposed a £82m ($127m) reverse takeover with private jet operator Hangar 8.

Subject to completion, Gama Aviation will be listed in early January 2015 with an anticipated market capitalisation of £130m ($200m).

Once the deal goes ahead, the company will have 144 aircraft under management, operating from 44 different locations in 15 countries.

Karim Souaid, general manager of Growthgate Capital, said: "A merger with Hangar 8 provides a solid competitive advantage to Gama Aviation that will benefit from enhanced capabilities and a diversified revenue stream that span across services and markets."

Both the CEO and chairman of Gama Aviation will keep their positions.

TAGS: Middle East
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