October 23, 2013 - Hong Kong Aircraft Engineering Company Limited ("HAECO") today announced that it has entered into a conditional stock purchase agreement for the acquisition of TIMCO Aviation Services, Inc. ("TIMCO") for cash consideration of US$388.8 million, subject to closing adjustments. Cravath, Swaine & Moore LLP represented HAECO in connection with this transaction. TIMCO is a U.S.-based provider of aircraft maintenance, repair and other services. The acquisition is expected to be completed in the first quarter of 2014, subject to satisfaction of the conditions contained in the stock purchase agreement.
Headquartered in Hong Kong, HAECO is a leading independent maintenance and repair organization in the Asia Pacific region. TIMCO, headquartered in Greensboro, North Carolina, is one of the largest independent aircraft maintenance and repair organizations in the world.
The Cravath team included partner Andrew R. Thompson and associate Mark Mushkin (corporate); partner J. Leonard Teti II and associates Joanne J. Lee and Rachel H. Kiwi (tax); partner Eric W. Hilfers and associate Jarrett R. Hoffman (executive compensation and benefits); and partner Matthew Morreale (environmental). Rachael G. Coffey also worked on corporate matters.