Alliance Aviation Services Limited
(ASX:AQZ) has contracted to purchase a 21-strong fleet of Fokker Aircraft from European company Austrian Airlines for a total consideration of US$15 million.
Alliance Aviation Services said the acquisition was prompted by a strategic review of its operations as a result of reduced activity in the resources sector.
Payment will comprise of an issue of new shares in Alliance to Austrian Airlines for a total value of US$5.5 million and a later cash component of approximately US$9.5 million.
Austrian Airlines will hold a 12.04 percent interest in Alliance Aviation Services.
Alliance Aviation Services recorded a net loss of $36.58 million at 30 June 2015.
