OREANDA-NEWS. Hong Kong Aircraft Engineering Company Limited ("HAECO", HKSE: 00044) today announced that it has entered into a conditional stock purchase agreement for the acquisition of TIMCO Aviation Services, Inc. ("TIMCO") for a cash consideration of USD 388.8 million, subject to closing adjustments. TIMCO is a U.S. based provider of aircraft maintenance, repair and other services. The Seller is a company controlled by investment vehicles managed by Owl Creek Asset Management, L.P., an investment manager based in the U.S. Subject to satisfaction of the conditions in the stock purchase agreement, the acquisition is expected to be completed in the first quarter of 2014.

TIMCO, headquartered in Greensboro, North Carolina in the U.S., is one of the largest independent aircraft maintenance and repair organisations in the world. It provides a broad spectrum of aircraft technical services, including airframe, line and engine maintenance, cabin modification services, seats and interior products manufacturing.

Headquartered in Hong Kong, HAECO is a leading independent maintenance and repair organisation in the Asia Pacific region, recognised for its technical expertise and operational excellence.

Commenting on the acquisition, Mr. Christopher Pratt, Chairman of HAECO said: "The acquisition of TIMCO will expand HAECO's operations and broaden its sources of revenue. We believe that the business and operations of TIMCO will fit well strategically with the existing business of HAECO. In combination, they will be able to offer enhanced aircraft maintenance and cabin modification services to a wider range of customers. Additionally, the HAECO Group will be able to accelerate the development of technical capabilities while providing a comprehensive range of products, including for narrow-body and regional aircraft."