Britain’s BBA Aviation plc has agreed to buy fellow aircraft services provider Landmark Aviation Inc. for a $2.07 billion enterprise value. According to The Deal’s Jonathan Braude, the deal will extend BBA’s market leadership in business aviation, and add a new chartered-aircraft management business to the British company’s operations. BBA said it expects $35 million in annual cost savings by 2017 and significant tax savings from the combination with Houston-based Landmark. The acquirer said it will pay for the acquisition in part by a heavily discounted $1.14 billion rights issue to its shareholders. The seller, private equity firm Carlyle Group, had formed Landmark in 2004, sold it in 2007, and repurchased the company in 2012. The Deal’s Senior Reporter Lisa Allen has the details from New York.
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