Prague Airport has completed its search for a strategic partner for its aircraft repair and maintenance subsidiary, Czech Airlines Technics. None of the bids submitted were selected.
“We appreciate the interest in a strategic partnership with Czech Airlines Technics and thank all the potential partners who submitted bids. However, in light of the current performance of Czech Airlines Technics, these offers did not meet our expectations. As a result, the entire process has been terminated without the selection of a strategic partner,” said Jiří Pos, Chairman of the Board of Prague Airport.
Prague Airport began seeking a strategic partner for Czech Airlines Technics following the adverse effects of the COVID-19 pandemic and the subsequent loss of a key customer—Czech Airlines. In this process, Prague Airport worked closely with renowned consultancy Ernst & Young as a transaction advisor. Three entities advanced the furthest in the process. Over several rounds of negotiations, factors such as the optimal structure of a potential partnership, synergies with Prague Airport, and the development plan were evaluated.
According to a report from news portal Seznam Zprávy, among those interested in joining the repair company were the airline Smartwings, owned by billionaire Jiří Šimánek, Drayton Aerospace from the United Arab Emirates, and a company from the Czechoslovak Group, led by arms manufacturer Michal Strnad.
Czech Airlines Technics was established in 2010 as a subsidiary of Czech Airlines. Since October 2018, Prague Airport has been its sole shareholder. The company currently employs around 650 qualified technicians, engineers, and administrative staff.
