EANS-News: DVB Bank SE
DVB welcomes new shareholding partners in TES Holdings
Ltd
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Company Information
Frankfurt am Main (euro adhoc) - DVB Bank SE ("DVB") has signed an agreement
with the Mitsubishi Corporation, Tokyo, Japan ("MC") and the Development Bank of
Japan Inc., Tokyo, Japan ("DBJ"), pursuant to which MC and DBJ will acquire a
35.0% share and a 25.0% share respectively in TES Holdings Ltd, Bridgend, United
Kingdom, from DVB. The agreement is subject to required anti-trust clearance.
TES Holdings Ltd ("TES" or "the Company") is the parent company of the TES
Aviation Group, a leading aircraft engine solutions provider. The agreement
reached with MC and DBJ follows an extensive strategic review of the business by
DVB, and the decision to seek new partners to join DVB to support TES' next
stage of development under the continued leadership of its Chief Executive
Officer Ashley Cooper. It is expected that the addition of two such prestigious
shareholders, each with ambitious plans in the sector, will bring new business
dimensions and opportunities for TES, as each shareholder seeks to leverage
their own relationships and infrastructure for the benefit of the Company.
Currently DVB indirectly holds 92.1% of the shares in TES Holdings Ltd. At
completion DVB will first acquire the remaining 7.9% of the shares, then sell in
aggregate 60.0% of the shares to MC and DBJ. Post completion, DVB will remain
the largest shareholder in TES Holdings Ltd at 40.0%, with MC at 35.0% and DBJ
at 25.0%.
DVB first purchased a majority shareholding in TES in 2007 and the Company has
subsequently grown from a turnover of US$20 million in 2007 to over US$100
million in 2011.
Note to Editors:
DVB Bank SE, headquartered in Frankfurt/Main, Germany, is the leading specialist
in the international transport finance business. The Bank offers integrated
financing solutions and advisory services in respect of Shipping Finance,
Aviation Finance, and Land Transport Finance. The Bank operates from offices in
Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen, Oslo, Piraeus,
Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE is listed at the
Frankfurt Stock Exchange (ISIN: DE0008045501). www.dvbbank.com
Contact for further information on this press release:
Stephan Sayre, Managing Director, DVB Bank SE, Aviation Investment Management
Telefon +44 20 7256 4344, stephan.sayre@dvbbank.com
David Goring-Thomas, Managing Director, DVB Bank SE, Aviation Finance
Phone +44 20 7256 4302, david.goring-thomas@dvbbank.com
Further inquiry note:
Elisabeth Winter
Investor Relations
Tel: +49 (0)69-97504-329
E-Mail: elisabeth.winter@dvbbank.com
end of announcement euro adhoc
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company: DVB Bank SE
Platz der Republik 6
D-60325 Frankfurt am Main
phone: +49 (0)69 9750-40
FAX: +49 (0)69 9750-4444
mail: info@dvbbank.com
WWW: http://www.dvbbank.com
sector: Banking
ISIN: DE0008045501
indexes:
stockmarkets: free trade: Düsseldorf, Stuttgart, regulated dealing/general
standard: Frankfurt
language: English
Original content of: DVB Bank SE, transmitted by news aktuell