Tarabot Aircraft Maintenance acquires 30 percent stake of Saudi Aerospace Engineering Industries from Saudi Arabian Airlines Corporation
Clients Integrated Transportation Company Limited
Jones Day is representing Integrated Transportation Company ("ITC") and its subsidiary Tarabot Aircraft Maintenance ("Tarabot") in connection with the acquisition by Tarabot of a 30 percent stake owned by Saudi Arabian Airlines Corporation ("Saudia") in Saudi Aerospace Engineering Industries ("SAEI"). SAEI is a Saudi limited liability company formed by Saudia for the purpose of privatizing its aircraft maintenance repair & overhaul (MRO) business unit. Following the transaction, SAEI will be the owner of the MRO business unit and Saudia and Tarabot will own, respectively, 70 percent and 30 percent of SAEI.
The transaction is part of the on-going process for the privatization of Saudia’s strategic business units. It is based on a model of business partnership between the public and private sectors. The aim of the partnership is to create a major aircraft maintenance center in the Middle East.