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Billionaire Desmond Gets Into Aviation
Dermot Desmond, the billionaire financier, has joined the aviation industry with the purchase of a major stake in ExecuJet aviation. The firm is based in Zurich and is run by the South African Niall Olver.
Desmond now owns a 50% stake in the firm and is hoping to profit from strong demand for private business jets. Currently some of the more popular jets have waiting lists of up to two years as aviation companies scramble to keep up with unprecedented demand.
Pricing on the deal has not been release, but the company hopes that the fresh influx of capital from the deal will allow it to emerge at the forefront of the market
The company currently maintains and sells small aircraft and will benefit from the financial strength offered through a partnership with the billionaire investor.
There are no current plans for a public offering on the company, but Olver has said that future plans for the company will be released in a couple of months.
Desmond has no need for another plane as he already owns the Dassault Falcon 900, which has a range of more than 4000 miles, more than enough for a trans Atlantic crossing.
Desmond recently received 950 million Euros for the sale of the London City Airport.
Desmond is to become Chairman of the Aviation company and Olver is to become chief executive officer.
Olver retains a substantial minority stake in the company. Olver has extensive aviation experience and began his career in the South African Air Force.