aA
Avia Solutions Group, an aviation group owned by Lithuanian businessman Gediminas Ziemelis, is buying Chapman Freebor, a UK charter airline.
Lithuania's aviation group buying UK's charter airline
© DELFI / Modesta Meškė

The contract on the purchase of 100 percent of shares was signed on June 14 in London, the group said.

It plans to complete the deal of undisclosed value in the third quarter.

Avia Solutions Group board chairman Ziemelis says this acquisition is an important step for the group expanding its business areas and consolidating its position in the global aviations services market.

"This acquisition is part of our strategic plan to expand our presence in key sectors, and significantly strengthens the capabilities of our group. Chapman Freeborn’s client portfolio and its outstanding level of expertise will greatly support our ambition to be the world’s leading aviation services provider," Ziemelis was quoted as saying in a statement.

"Joining forces with Avia Solutions Group will provide us with a greater level of business scale, resources and expertise to accelerate growth and deliver our services to an even wider client base – all while preserving our unique company culture and ongoing commitment to charter market innovation," Russi Batliwala, CEO of Chapman Freeborn, said.

As part of the Avia Solutions Group, Chapman Freeborn will maintain its existing product portfolio and continue to operate under the group’s existing brands – including subsidiaries Chapman Freeborn Airchartering, Chapman Freeborn OBC, Intradco Cargo Services, Logik Logistics, Magma Aviation, and Wings 24.

After the acquisition is completed, subject to customary approvals, Avia Solutions Group will own 66 companies in 26 countries worldwide, with approximately 3,300 professionals in total.

The consolidated revenues of the two entities were 800 million euros for 2018 and are forecasted to exceed 1 billion euros in 2019.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Dr Agnė Paliokaitė is elected Chair of Board of Innovation Agency Lithuania

The first meeting of the Board of the Innovation Agency, during which the chair of the Board was...

Lithuanian and Taiwanese bus manufacturers to set up joint venture

UAB Vėjo projektai, a Lithuanian company manufacturing electric buses Dancer, earlier this week...

Annual HICP inflation stood at 20.9% in July

In July 2022, according to the harmonised index of consumer prices (HICP), which is methodologically...

Adviser: state could compensate up to 150 kWh of electricity

As the state is set to pay new subsidies for electricity in Lithuania from next year, a consumption...

Prices for total industrial production sold up by 29.7% in July

In July 2022, against June, prices for the total industrial production sold decreased by 0.8%, and...

Top news

Foreign Affairs Minister welcomes Estonia and Latvia’s decision to quit China’s 16+1 cooperation initiative

More than a year after Lithuania withdrew the 17+1 cooperation framework of Central and Eastern...

Lithuania launches probe into pro-Russian Ukrainian blogger's finances

Lithuania's Prosecutor General's Office last week launched an investigation into the assets and...

30 migrants tried to access Lithuania illegally from Belarus

On Thursday, 11 August, Lithuanian border guards stopped 30 illegal migrants at the border as they...

1 318 new COVID-19 cases, no deaths

Lithuania has recorded 1,318 new coronavirus infections and no deaths from COVID-19 over the past 24...

Lithuania looking for possibilities to give Ukraine additional assistance in weaponry, more training for Ukrainian military

On 11 August, Deputy Minister of National Defence Margiris Abukevičius took part in an international...