(Reuters) - Singapore’s sovereign wealth fund GIC said on Tuesday it would buy a 30 percent stake in BBAM, the world’s largest manager of investments in leased commercial jets.
GIC will buy the stake through partial sales by BBAM’s two existing shareholders, its management team and Canadian private equity company Onex Corp, GIC said in a statement.
Following the purchase, all three parties will have joint minority ownership of the company, GIC said.
GIC did not disclose the financial terms of the purchase.
The deal follows a commitment by GIC earlier this year to Incline Aviation, the aircraft leasing industry’s largest institutional fund that is managed by BBAM.
San Francisco-based BBAM manages more than 450 commercial aircraft.
Reporting by Shalini Nagarajan in Bengaluru