July 15, 2016 – SR Technics has announced that its sole shareholder, Mubadala (an Abu Dhabi investment and development company), has agreed to sell an 80% stake in the company to HNA Aviation, a global enterprise group based in Haikou, China. SR Technics, an MRO service provider for the civil aviation sector, will remain a standalone business within HNA Aviation’s portfolio of aviation business. Mubadala, a shareholder since 2006, will retain a 20% stake in the company.
Homaid Al Shimmari, CEO of aerospace and engineering services at Mubadala, said, “As a majority shareholder in SR Technics for over six years we are pleased to have found an ideal partner in HNA Aviation to continue the development of what is now one of the world’s leading MRO service providers of aircraft, component and engine services. We remain fully convinced of the long-term potential of SR Technics, and will remain actively involved through our stake and our representation on the board.”
The transaction remains subject to anti-trust and regulatory approvals.