EANS-News: DVB Bank SE
DVB welcomes new shareholding partners in TES Holdings
Ltd
04.04.2012 – 07:51
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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
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