Sep 2024

value

RM 6.8 billion

WYNCORP was appointed as the Independent Adviser to AirAsia X Berhad (“AAX”) in connection with its proposed acquisition of Capital A Berhad’s aviation business, a landmark RM6.8 billion transaction that marked a strategic consolidation within the AirAsia ecosystem. The exercise involved the acquisition of AirAsia Aviation Group Limited (“AAAGL”) and AirAsia Berhad (“AAB”) by AAX, representing a significant milestone in the streamlining of Capital A’s aviation operations under a single publicly listed entity.

The total purchase consideration of RM6.8 billion was structured as follows:

• RM3.0 billion for AAAGL, to be fully satisfied via the issuance of 2,307,692,307 new AAX shares at an issue price of RM1.30 each.
• RM3.8 billion for AAB, to be fully settled through a debt assumption and settlement arrangement, aligning with the restructuring of intercompany obligations and facilitating a cleaner group structure moving forward.

WYNCORP's provided an independent and impartial assessment of the transaction to the non-interested directors and shareholders of AAX, ensuring that they had adequate information to evaluate the fairness and reasonableness of the acquisition.

The transaction was a critical component of Capital A’s strategic shift toward becoming a pure-play aviation services and digital group, while strengthening AAX’s market position and operational scale.