Macquarie to buy Waypoint for $650 million

Waypoint Leasing Holdings Ltd., the largest independent global helicopter leasing company, has announced that it has entered into an agreement to be purchased by Macquarie Group for approximately $650 million. Macquarie Rotorcraft Leasing will combine the Waypoint helicopter assets and management platform with its own portfolio and employ the Waypoint staff.

Before it filed for Chapter 11 bankruptcy protection, Waypoint had attempted to diversify away from the oil-and-gas market with the launch of its MUH program, utilizing a reconfigured AW139 for the utility market. Here, the aircraft is shown on display at Heli-Expo 2018. Skip Robinson Photo
Before it filed for Chapter 11 bankruptcy protection, Waypoint had attempted to diversify away from the oil-and-gas market with the launch of its MUH program, utilizing a reconfigured AW139 for the utility market. Here, the aircraft is shown on display at Heli-Expo 2018. Skip Robinson Photo
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To facilitate the completion of its sale to Macquarie, Waypoint has received commitments from a consortium of several of its existing lenders for $45 million of debtor-in-possession (DIP) financing. The DIP financing will provide Waypoint with ample liquidity to continue operating in the ordinary course during its Chapter 11 bankruptcy case.

“This is a momentous step forward in achieving our goal to transform Waypoint,” said Hooman Yazhari, chief executive officer of Waypoint. “With Macquarie’s strong balance sheet and incredible depth in aviation, the integrated platform will be the most dynamic in the industry. The expertise of our combined resources and human capital will give us an unparalleled foundation to bring stability and a long-term balance to a sector filled with uncertainty. We remain incredibly grateful for the support of our stakeholders throughout our transformation process, including our lenders, customers, OEMs and MROs and, above all, our employees who have worked tirelessly. We anticipate a speedy conclusion of the sale process, after which we and Macquarie will reach new heights, poised to capture the many opportunities ahead of us.”

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Stephen Cook, Global Head of Transportation Finance at Macquarie, commented, “This transaction builds upon Macquarie’s strong franchise in the aviation finance sector. The Waypoint team has built a leading presence in the helicopter leasing market. Combining our own business and asset expertise, this is a transformative development for our current business. Macquarie Rotorcraft Leasing intends to build on this acquisition to be a pre-eminent provider of helicopter leasing and financing products.”

Macquarie’s acquisition of Waypoint is expected to close in the first quarter of 2019, subject to, among others, Bankruptcy Court and regulatory approval. Waypoint will continue to operate in the ordinary course of business until financial close.

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