A Minnesota-based aircraft company owned by Arcapita Bank B.S.C. has agreed to be purchased by a Chinese aviation company.
Cirrus Industries Inc., a top manufacturer of four-seat aircraft, has entered into an agreement with China Civil Aviation Authority General Aircraft Co. Ltd., or CAIGA. The companies did not disclose the terms of the deal, which is expected to close this year, pending government approvals in China and the U.S.
Arcapita, a Bahrain-based investment bank, has its North American operations in Atlanta.
CAIGA, which had 2010 revenues of $2.9 billion, is based in the city of Zhuhai in the southern Guangdong province.
Cirrus’s owners welcomed their Chinese buyers, noting that the influx of capital will speed up aircraft development and aid the company’s global expansion.
“This transaction will have a positive impact on our business and our customers because we share a common vision with CAIGA to grow our general aviation enterprise worldwide,” said Brent Wouters, Cirrus’s president and CEO, in a news release.
Visit www.cirrus.com for more information.