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Acquisition of CityJet Ltd (“CityJet”) and VLM BV (“VLM”) from Air France Finance

CityJet and its subsidiary VLM were the Irish and Belgian airline subsidiaries of Air France-KLM Group. CityJet was based in Dublin, Ireland, and operated 20 Avro RJ85 aircraft, of which 10 were owned and 10 on operating lease. VLM was based in Antwerp, Belgium, and operated 12 Fokker 50 aircraft, all of which were owned by VLM.

Air France deemed the businesses non-core to its network strategy. CityJet had generated significant losses in the years leading up to the transaction.

BFS initiated the transaction and acted as financial advisor to Intro Aviation GmbH, a German aviation consultancy and investment company led by Hans Rudolf Wöhrl, who has successfully turned around several airlines.

As a result of the transaction, CityJet and VLM were acquired on a debt-free basis.

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