Norton Rose advises easyJet in major aircraft deal
13 January 2011
International legal practice Norton Rose LLP has advised long standing client easyJet on a deal which will see easyJet grow its fleet to 220 aircraft by September 2013. The deal sees easyJet place firm orders for 15 A320 aircraft with a list price of US$1.1 billion. The airline also converted 20 A319 deliveries into A320 aircraft, and secured options over a further 33 A320 aircraft.
Moving quickly to finalise the deal in the days between Christmas and New Year, Norton Rose LLP advised easyJet on the necessary amendments to its existing purchase agreement with Airbus, adding the 15 new aircraft to the existing easyJet order, securing the new options and exercising conversion rights in respect of the other aircraft. Norton Rose LLP also advised the airline on the corporate issues surrounding the deal.
The deal was concluded against a background of growing optimism in the aviation market generally. A survey by Norton Rose Group in November 2010 showed aviation to be the most positive transport sector when it comes to recovery
Owen Mulholland, London based partner at Norton Rose LLP, comments:
“We’ve worked with easyJet for many years, including advising them on their IPO in 2000, and it is particularly pleasing to have assisted the airline in a deal which evidences easyJet’s continued growth and the ongoing success of its business. Flexibility with respect to fleet management is a key concern for any airline doing business in the current market and the new orders, options and conversion rights should help easyJet optimise the management of aircraft within its fleet going forward.
“From our point of view, we were able to draw on both our asset finance and corporate capabilities for this work. Successfully joining up that financial and corporate advice played a big part in getting this deal done, as did the commitment of the team over the festive period.”
The Norton Rose LLP team was led by London based banking partner Owen Mulholland. Corporate advice was given by London based partner Chris Randall, assisted by Lily Kostana (associate).
Airbus used in-house counsel to advise on the deal.
Norton Rose LLP boasts a highly respected aviation finance practice, being ranked in Band 1 in the recent UK edition of Chambers and Partners.
For further information please contact:
Gavin Collins, public relations manager
+44(0)20 7444 2466 gavin.collins@nortonrose.com
+44 (0)77 7065 0113
Editors note
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Leading Canadian law firm Ogilvy Renault, and leading South African law firm Deneys Reitz, will join Norton Rose Group on 1 June 2011. The enlarged Group will have 2500 lawyers in 38 offices worldwide, including Montreal, Ottawa, Toronto, Quebec, Calgary, Johannesburg, Durban and Cape Town.