Air Partner shares take off after £1.2m deal with Cabot Aviation

Aviation services group Air Partner has reached a deal to acquire aircraft re-marketing broker Cabot Aviation for £1.2m.

In a statement released on Wednesday, the London-listed company said it will pay 50% of the amount up-front for the company, with the remaining 50% in Air Partner shares to be issued over the next five years.

The deal is expected to contribute to Air Partner’s earnings in the year to January 2016, the group said, adding that the acquisition will boost its aircraft sales and dry lease expertise – both areas in which the company has registered growing demand.

“The acquisition will be immediately earnings enhancing, significantly increasing our aircraft re-marketing operations and bringing additional benefits to all of our clients," said group chief executive Mark Briffa.

Air Partner shares were up 5.95% to 392.00p at 16:47 on Wednesday.