CAE has concluded the acquisition of AirAsia's share of the Asian Aviation Centre of Excellence (AACE) for US$100 million (including earn-out). The acquisition will allow CAE to expand its footprint in the fast-growing Asia Pacific aviation market, but the company will remain AirAsia Group's exclusive training partner of choice. CAE will continue to offer the airline and its affiliates training for pilots, cabin crew, maintenance engineers, technicians, and ground services in the long term. The extended training agreement between the two parties represents an additional order intake of over C$350 million added to CAE's backlog.
The 150 employees from the three AACE training centres located in Kuala Lumpur, Malaysia; Singapore; and Ho Chi Minh City, Vietnam have now all become CAE employees.
“As we conclude the transaction and launch a new phase in our relationship, I would like to once again thank AirAsia for their confidence in CAE,” commented Marc Parent, CAE's President and Chief Executive Officer. “We are pleased to welcome the AACE team to CAE. Together, we will continue to build on the world-class training experience that our customers have come to expect. We look forward to continuing to shape the future of training with you.”
The sale and purchase agreement was originally announced on 24 August 2017.