Onex proposes partnership with Hellenic Aerospace

Greek firm Onex, which is active in the aviation industry, announced on Tuesday its intention to move ahead with a $100 million investment in partnership with the Greek state.

Chief Executive Panos Xenocostas stated that the company is determined to use resources from US private equity funds, as it also has the support of the Greek-American community.

Onex asked the state to start a tender process for the creation of a public-private partnership in which the state will contribute properties currently owned by the Hellenic Aerospace Industry (EAB), such as installations for aircraft maintenance.

Xenocostas made it clear that he is not interested in buying out EAB (complete with its debts). The aim is to create a new entity in which Onex will hold a majority stake and the management, while the state will own a holding that will ensure veto rights on matters of national concern.

Onex’s plan has no guarantee for jobs, but if the state sets that as a condition, the firm will accept it.

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