Airbus announced that it has completed the disposal of Vector Aerospace Holding SAS and its subsidiaries (together, “Vector Aerospace”) to StandardAero Aviation Holdings, Inc. (a Veritas Capital portfolio company).

Vector Aerospace is a global aerospace maintenance, repair and overhaul company. It generated revenues of over US$ 700 million in 2016 and employs approximately 2,200 people in 22 locations across Canada, the United States, the United Kingdom, France, Kenya, South Africa, Australia and Singapore.

The newly combined company, which will maintain the name of StandardAero, has more than 6,000 employees in 42 locations across five continents, with annual revenues of approximately US$3 billion.

Clifford Chance acted as lead legal adviser to Airbus, with a team composed of Fabrice Cohen, partner, Emmanuel Mimin, counsel, and Raphaël Durand, associate.