Abu Dhabi-listed Waha Capital will acquire a 20 per cent stake in Netherlands-based AerCap Holdings in a $380m transaction.

Under the terms of the agreement, Waha Capital will acquire 29.8 million shares in AerCap, return its 50 per cent interest in AerVenture and also the transfer of a 40 per cent interest in Waha’s 16-aircraft portfolio.

AerCap, which is listed on the New York Stock Exchange, will provide all management services for Waha’s aircraft in return for servicing fees and will open a representative office in Abu Dhabi.

The transaction is expected to be fully completed by mid-November 2010.

Waha’s fleet consists of Airbus A330, A320 and A321 jets, Boeing 777 wide-body aircraft and 737 planes and Bombardier regional jets.

“We are convinced that that the diversification of AerCap’s ownership structure through a well-respected shareholder based in Abu Dhabi combined with the strong credentials of Abu Dhabi’s growing commitment to the global aerospace sector will represent a substantial long-term benefit for AerCap’s stakeholders,” says Klaus Heinemann, chief executive of AerCap.