The CEO of Dublin-based Avolon, Domhnal Slattery, is set for a €31.28m windfall if a planned takeover of his aircraft leasing firm succeeds.
Yesterday, Avolon confirmed it was the subject of two separate buyout offers valuing it at €2.3bn ($2.5bn).
The offers from China’s Bohai Leasing and an unsolicited offer from an unnamed party value the firm at 55% over its $1.6bn valuation when it floated on the New York Stock Exchange only eight months ago at a price of $20 per share.
Avolon yesterday confirmed the Bohai $31 offer per share after it notified Bohai that the firm had received a bid from an undisclosed party for 100% of equity at $30 per share.
Avolon shares were yesterday trading for $29. In a statement Avolon said it had not accepted or rejected either offer, and “continues to carefully evaluate these offers with its financial and legal advisers and has authorised its financial advisers to continue negotiations with both offerors regarding their respective offers”.
If the takeover proceeds, it will result in a €31.28m windfall for Mr Slattery based on his 1.36% share of the firm.
Mr Slattery’s leadership has already paid off handsomely for the 48 year old with Avolon’s recent annual report confirming he received a bonus payment of $2.6m last year.
Last year, Avolon paid its executive officers $8.8m in cash.
Mr Slattery only set up the firm in 2010 and has grown it to include 153 owned and managed aircraft, with another 107 planes on order from Boeing and Airbus.
The son of a greengrocer in Ennis, he started his work in the world of aviation in the mail room of Tony Ryan’s GPA in the 1980s.
The proposed deal will also make multi-millionaires of Mr Slattery’s lieutenants at Avolon.
Chief commercial officer, John Higgins, stands to make €13m; chief financial officer, Andy Cronin and chief operating officer, Tom Ashe will each make €6m, while head of strategy, Dick Rosberg will receive around €2.75m.
In 2014, the firm — which employs 63 people with 56 staff based in Dublin — recorded a 29.5% jump in revenues to $537.5m as pre-tax profits topped $97m.
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