The company, located in Larnaca, Cyprus, is engaged in providing maintenance services (MRO) for jet aircraft and specializes in heavy and light maintenance (line maintenance) of Airbus A320 aircraft.
Ronan Factor, co-founder and CEO, BIRD Aerosystems: “We see Israir as an important strategic partner that will promote the subsidiary BIRD Aviation and together we will allow it to continue to grow and develop. We believe in the cooperation, and are sure that it will make it possible to give stability to the many projects carried out at BIRD Aviation.”
According to the agreement, Israir will invest 4.5 million Euros in the company, with 1.5 million Euros being disbursed as an owner loan and the rest as equity. After the deal, they will each own BIRD Aerosystems and will own 50% of the company.
At the same time, the company will pay BIRD Aerosystems an amount of 6.3 million euros for repayment of an owner’s loan. This amount consists of 4.5 million euros to be paid in cash and an additional amount of about 1.8 million euros to be paid in installments.