Cirrus Industries to be Acquired by China Aviation Industry General Aircraft Co. Ltd.
CAIGA is a world-class provider of general aircraft products and related services headquartered in Zhuhai in the Guangdong Province of China.
VRA Partners, LLC acted as financial advisor and King & Spalding LLP acted as legal advisor to Cirrus in relation to this transaction. Citigroup Global Markets Limited and CITIC Securities acted as joint financial advisors to CAIGA in relation to this transaction. Dewey & LeBoeuf LLP acted as legal advisor and Ernst & Young LLP acted as accounting and tax advisor to CAIGA.
About Cirrus
Cirrus, a member of the global portfolio of Arcapita companies, is a recognized leader in general aviation. The all-composite line of personal aircraft - SR20, SR22 and turbocharged SR22T - incorporate innovative and advanced performance, electronic and safety technologies, including Cirrus Perspective™ by Garmin® avionics and the unique Cirrus Airframe Parachute System™ (CAPS). Through 2010, total time on the worldwide Cirrus Aircraft SR-series fleet surpassed 4.3 million flight hours with more than 48 lives saved to date as a direct result of CAPS being a standard safety feature on all Cirrus aircraft. The Cirrus Aircraft Vision Jet, with nearly 500 production positions reserved, will provide a new personal and regional business transportation solution - the 'personal jet'. All Cirrus aircraft are made in the USA with a direct sales force in North America and authorized sales centers covering export markets in 60 countries around the world. For additional information on Cirrus and its products please visit www.cirrusaircraft.com.
About CAIGA
Headquartered in Zhuhai, Guangdong Province in China, China Aviation Industry General Aircraft Co., Ltd. (CAIGA) is a leading solution provider in the general aviation industry of China. As a company with diversified shareholders, CAIGA controls 4 listed companies in China and the total revenue in 2010 reached US$2.9bn. Its main businesses include the R&D and manufacturing of light piston aircraft, turboprop aircraft, jet, amphibious aircraft as well as their parts and components. It also provides services including general aviation operations, pilot training and aviation clubs.
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