O’Brien sells off Aergo stake

Denis O’Brien has sold his controlling stake in Aergo Capital — the aircraft leasing group he co-founded in 1999 — to a US buyer for an undisclosed sum.

The aviation trading arm of leading global alternative investment manager CarVal Investors, which mainly focuses its activity on the purchase of distressed assets and loan books, has acquired a 90% stake in the Dublin company.

The deal will see Fred Browne, who co-founded the company with Mr O’Brien 15 years ago, retain a 10% stake, while Mr O’Brien will cease to be a shareholder in the business.