Leeham News
• Scott Hamilton
Leeham News reports: Given the weakened financial state of Bombardier, Boeing correctly understood that the Canadian company couldn’t withstand this blow.
M&A
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Norse Atlantic is seeking new placements for up to five Boeing 787-9s returning from IndiGo as Europe’s ACMI market contracts 25.8%. The Norwegian carrier reported record TRASK but negative $8.4 million EBITDAR in Q2, citing fuel costs and lower fleet utilization, while considering sale or merger options.
SpaceX approached Cognition AI, the developer of an AI coding platform, about a potential acquisition, according to people familiar with the matter. The deal would have marked SpaceX’s second large takeover in recent months as Elon Musk’s space company seeks to strengthen its position in artificial intelligence.
Intuitive Machines’ $853.3 million acquisition of Maxar Space Systems remains unproven, but a three-satellite order and potential orbital data-center applications strengthen the strategic rationale. The transaction gives Intuitive Machines exposure to large-satellite manufacturing while adding possible growth beyond its existing space businesses.
South African regional carrier and ACMI specialist CemAir is challenging FlySafair’s proposed takeover at a tribunal, adding an industry competitor’s formal opposition to the transaction. The case could shape the competitive landscape for South Africa’s airline market, subject to the tribunal’s review and decision.
Peru’s competition watchdog has approved Abra Group’s acquisition of control of SKY Airline following a second-phase review, subject to limits on exclusivity. The transaction brings the Chilean low-cost carrier into the group that includes Avianca, expanding Abra’s position in Latin American aviation.
A $1.8 billion transaction involving Air Canada’s loyalty program suggests the customer-rewards business is worth more than the airline itself, highlighting the financial value of frequent-flyer data, membership and recurring partner revenues relative to core airline operations.
Hainan Airlines plans to sell an 80% stake in its aircraft part-out business, signaling a change in ownership for an operation focused on dismantling aircraft and recovering value from components. The transaction could reshape the unit’s strategic and commercial direction.
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