渤海租賃收購愛爾蘭飛機租賃公司

　　9月7日口譯文章：渤海租賃收購愛爾蘭飛機租賃公司

　　環繞Avolon的競購戰已停止，中國航空和航運公司海航團體(HNA Group)旗下的渤海租賃(Bohai Leasing)將這家總部處於都柏林的飛機租賃公司納入囊中。這筆生意業務對Avolon的股本估值到達略高於25億美元。

　　渤海租賃擊敗了中航本錢(Avic Capital)，後者是國有的中國航空產業團體(China Aviation Industry Corp)旗下子公司，一年前與在美國上市的Avolon開啟會談。飛機租賃營業在亞洲吸引了愈來愈多的存眷和投資，日本三菱(Mitsubishi Corp)和香港億萬財主李嘉誠(Li Ka-shing)比年都投資於該營業。

　　渤海租賃周五早間以每股31美元博得競購，該報價比此前報價低1美元，較7月13日未宣告競購新聞前的股價有31%的溢價。生意業務價錢包含承當Avolon的債務，相稱於76億美元的企業代價。

　　該生意業務已獲得Avolon董事會的同意，估計在2016年第一季度完成。

　　這是一場一波三折的並購戰，但它為包含私家股本團體Cinven、CVC和Oak Hill在內的Avolon的投資者帶來了豐富回報。Avolon於客歲12月上市，刊行價為每股20美元。

　　本年7月，渤海租賃最初提出以每股26美元收購Avolon 20%的股分，但在8月據信來自中航本錢的非正式報價湧現後，該公司不能不將報價進步至每股32美元。

　　兩家公司表現，兩邊終極約定的31美元(即下降1美元)的價錢，“反應出環球股市的偉大顛簸”。渤海此前贊成將分別費進步1億美元，至3.5億美元，“以讓生意業務代價更具肯定性，並反應出其對該筆生意業務的許諾”。

　　Avolon董事長丹尼斯蔠築(Denis Nayden)表現，渤海將為Avolon帶來著名度和中國市場的人脈。他說，“在將來的20年內，中國市場將供給環球航空業最吸惹人的增加機會之一”。

　　在深圳上市的渤海租賃是海航旗下子公司，海航是一家私家控股企業，從事航空、航運和旅行營業。

　　Avolon是環球增加最為敏捷的飛機租賃企業之一，該公司上月宣布的二季度事跡超越預期，在停止6月30日的3個月裏實現凈利潤5560萬美元，同比增加133%。營收增加38%，至1.839億美元。

　　【參考譯文】

　　The bidding battle for Avolon has ended with Bohai Leasing, a unit of the Chinese aviation and shipping company HNA, snapping up the Dublin-based aircraft leasing company in a deal valuing its equity at just over $2.5bn.

　　It beat out AVIC Capital, a subsidiary of state-owned Aviation Industry Corp of China, which began talks with US-listed Avolon a year ago. Aircraft leasing is attracting growing attention and dollars in Asia, with Japan’s Mitsubishi Corp and Hong Kong-based billionaire Li Ka-shing among recent investors.

　　Bohai secured its prize early on Friday with an offer of $31 a share, $1 a share below its previous offer and a 31 per cent premium to the undisturbed share price on July 13. Including debt, the price equates to an enterprise value of $7.6bn.

　　The deal, approved by Avolon’s board, is expected to be completed in the first quarter of 2016.

　　It has been a fraught battle but one with generous rewards for Avolon’s investors, which include private equity groups Cinven, CVC and Oak Hill. Avolon listed last December at $20 a share.

　　Bohai was forced to sweeten its initial offer of $26 a share for a 20 per cent stake in July to $32 the following month after an informal rival offer emerged, understood to be from AVIC Capital, a subsidiary of Aviation Industry Corp of China.

　　The two companies said the agreed price of $31, trimmed by $1, “reflects significant volatility across global equity markets”. Bohai had agreed to raise its break fee by $100m to $350m, “to provide greater certainty of value and reflecting its commitment to the transaction.”

　　Denis Nayden, Avolon chairman, said Bohai would bring profile and China relationships to the group. The China market, he said, offers “one of the most compelling growth opportunities in global aviation over the next two decades”.

　　Bohai, which is listed in Shenzhen, is a subsidiary of HNA, which is privately owned and focuses on aircraft, shipping and tourism.

　　Avolon, one of the world’s fastest-growing aircraft leasing businesses, last month reported a better than expected second quarter, recording net income of $55.6m for the three months to the end of June 30, up 133 per cent compared with the same time last year. Revenue rose 38 per cent to $183.9m.