FRANKFURT - German-US auto maker DaimlerChrysler said Monday it had agreed to sell 45-percent stake in a Dutch aircraft leasing firm called debis AirFinance to US hedge fund Cerberus.
DaimlerChrysler said in a statement that it and the other shareholders in debis AirFinance -- Bayerische Landesbank, Dresdner Bank, HypoVereinsbank and DZ Bank -- "have agreed to sell their stakes to US investor Cerberus Capital Management".
Financial details were not disclosed, but analysts estimate the unit to be worth around one billion dollars (765 million euros).
Debis AirFinance, based at Amsterdam's Schiphol airport, manages a fleet of 141 aircraft, largely Airbus jets. In addition, it manages a further 108 aircraft on behalf of other owners.
The sale of DaimlerChrysler's stake is part of the auto giant's strategy to focus on its core car business and related financial services.
"After a period of consolidation, the aircraft industry is now in a phase of recovery. Growing demand for modern aircraft is having a positive effect on the aircraft leasing sector. So the time is right to sell our stake," said DaimlerChrysler board member Bodo Uebber.
04/25/2005 13:18 GMT