Ellex advises Chinese company on the acquisition of Magnetic MRO
Ellex advises China's Guangzhou Hangxin Aviation Technology on the acquisition of a full-service aircraft maintenance company Magnetic MRO.
Hangxin acquires 100 percent of shares in Magnetic MRO for €43 million. This is one of the largest investments made by the Chinese in the past years in Estonia.
Based in Guangzhou, Guangdong Province, China, Guangzhou Hangxin Aviation Technology is a privately-owned company providing aircraft component maintenance services. Hangxin services components for over 20 aircraft types and serves over 50 airlines in Asia, Middle East, Europe and North America. Hangxin is listed on Shenzhen Stock Exchange and has a market capitalization over 700 million euros.
Magnetic MRO is a European Aviation Safety Agency (EASA) and Federal Aviation Administration (FAA) certified total technical care and asset management organization offering integrated MRO services. In 2017, Magnetic MRO was titled Estonia's Company of the Year as well as Exporter of the Year.
Ellex Raidla Partner Risto Vahimets and Senior Associate Karl- Erich Trisberg say that the acquisition of Magnetic MRO by Guangzhou Hangxin Aviation Technology is one more example the Chinese interest in this region is growing rapidly.
The client is advised by Partner Risto Vahimets, Senior Associate Karl-Erich Trisberg and Lawyer Anna Trine Raudsepp in Estonia and Associate Partner Robertas Čiočys in Lithuania.
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