Prosys Tech to Acquire $25.6M in Aircraft Engines, Rebrand as AFD Aero
Montreal-based Prosys Tech signs letter of intent to buy nine aircraft engines from Aeronautics Fund SCA in a reverse takeover deal worth $25.6 million.
Montreal-based Corporation Prosys Tech announced Thursday it has signed a letter of intent with Aeronautics Fund SCA SICAV-RAIF to acquire nine aircraft engines and their associated lease contracts in a transaction valued at $25.6 million USD, marking a dramatic pivot for the company.
The deal is structured as a reverse takeover, which will fundamentally change Prosys Tech's core business operations and pave the way for its Class A common shares to be listed on the TSX Venture Exchange, opening the company to a broader pool of public investors.
Read more Prosys Tech to Acquire $25.6M in Aircraft Engines, Rebrand as AFD Aero →
As part of the transaction, Prosys Tech will shed its current identity and rebrand as Corporation AFD Aero / AFD Aero Corporation, signaling a full commitment to the aviation asset management sector upon closing.
To fund the acquisition, Prosys is simultaneously launching a concurrent private placement of up to $4.75 million, providing additional capital to support the transition and any operational requirements tied to managing the newly acquired engine portfolio and lease agreements.
The deal positions AFD Aero to enter the aviation leasing market at a time when demand for aircraft engine assets remains robust globally, though the transaction remains subject to completion of due diligence and regulatory approvals typical of a TSX Venture Exchange listing. Continue reading at GlobalNewswire.
