Wings Magazine

Chinese construction company buys Avmax, diversifies into aviation

Chinese construction equipment maker Sunward Intelligent Equipment has bought Canadian aviation services provider Avmax Group, which has assets of up to $312 million, amid a sustained downturn in the construction machinery market.

October 13, 2015  By Reuters

Sunward closed the deal with Avmax’s biggest shareholder in mid-September, but the pricing has yet to be finalised based on Avmax’s future performance, among other factors, Sunward said in a stock exchanging filing late on Monday.

Sunward will raise up to 2.2 billion yuan ($347.24 million)via a private placement arrangement of shares to fund the acquisition, it added.

The deal would give Sunward a share of China’s fast growing aviation market, including regional aviation and jet leasing sectors, the statement said, by bringing Avmax’s expertise to the country. | READ MORE



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