Avolon sale: Clare entrepreneur Slattery and other co-founders to share €57m windfall
Clare entrepreneur Domhnal Slattery and the other co-founders of Dublin-based aircraft-leasing firm Avolon could be in line to split about $63m (€57m) windfall from the sale of the firm to Bohai Leasing, a division of China’s HNA Group for $2.5bn (€2.3bn).
Bohai Leasing, majority-controlled by the Chinese state-owned HNA Group, has offered to buy Avolon for $31 a share.
Mr Slattery co-founded Avolon in 2010 with chief financial officer Andy Cronin and chief commercial officer John Higgins.
They secured more than $7bn in backing from private equity firms and banks, including Cinven and CVC, and Oak Hill Capital Partners.
Avolon floated on the New York Stock Exchange last December at $20 a share, in what was a record debut for an Irish company on the exchange.
Mr Slattery, who made millions of euro when he sold another Irish aircraft-leasing business to Royal Bank of Scotland in 2001, owns 1.36pc, or 1.1m shares of Avolon, according to March filings with the US Securities and Exchange Commission.
Mr Higgins owns 479,297 shares in Avolon, while Mr Cronin owns 222,041. Chief operating officer
Mr Cronin's is valued at $6.8m (€6.1m), and Mr Higgins' at $14.8m (€13.4m). Mr Ashe's stake is valued at $7m (€6.3m).
The deal, which including the assumption of debt has a total enterprise value of about $7.6 billion, is expected to close by first quarter of 2016.