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Willis Lease Finance Corp (NASDAQ:WLFC) announced Monday the completion of a $45 million sale of its United Kingdom-based aviation consultancy, Bridgend Asset Management Limited, to Willis Mitsui & Co Engine Support Limited. The transaction closed Monday, according to a statement released by the company and detailed in a filing with the Securities and Exchange Commission.
Willis Asset Management Limited, a wholly owned subsidiary of Willis Lease Finance, sold the entire issued share capital of Bridgend Asset Management to Willis Mitsui & Co Engine Support, a joint venture between Willis Lease Finance and Mitsui & Co., Ltd. (TYO:8031), with each company holding a 50% interest in the venture. The purchase price for the transaction was $45 million, subject to certain working capital adjustments.
The sale was conducted under a share purchase agreement initially entered into on May 7, 2025. The company stated that the definitive agreement for the transaction will be filed as an exhibit to its quarterly report for the period ending June 30, 2025.
Willis Lease Finance’s common stock is listed on the Nasdaq Global Market under the ticker symbol WLFC. The information in this article is based on a press release statement and an accompanying SEC filing.
In other recent news, Willis Lease Finance Corporation reported its Q1 2025 earnings, revealing a revenue of $157.7 million, which surpassed the forecasted $142.11 million. Despite this revenue increase, the company missed earnings per share (EPS) expectations, reporting $2.21 compared to the anticipated $4.01. Additionally, Willis Lease Finance has priced a $596 million debt offering through its subsidiary, Willis Engine Structured Trust VIII, which includes $524 million of Series A Fixed Rate Notes and $72 million of Series B Fixed Rate Notes. The proceeds from this offering are intended to cover various costs and contribute to reserve accounts. In another development, the company appointed Z. Clifton Dameron as the new Senior Vice President, General Counsel, and Corporate Secretary, succeeding Dean M. Poulakidas. Furthermore, during its annual meeting, Willis Lease Finance ratified the appointment of Grant Thornton LLP as its independent auditors for 2025. These developments indicate ongoing strategic moves and financial adjustments within the company.
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