Jazz parent Chorus closer to divesting leasing business

Shareholders have approved Chorus Aviation’s planned $825m sale of its aircraft leasing business to HPS Investment Partners, a deal Chorus has said it aims to close before year-end. The Halifax-based aviation services company, which also owns Canadian regional airline Jazz Aviation, said on 25 September that shareholders approved the planned sale by a 98% margin. The move, when completed, will see Chorus dispose of a leasing segment it started in 2016, leaving the company with three remaining divisions: Jazz, aircraft modification and service provider Voyageur Aviation and pilot-training school Cygnet Aviation Academy. Chorus on 30 July revealed its plan to sell its Regional Aircraft Leasing unit for proceeds of $825m to HPS, an investment firm with offices in New York City. As part of the agreement, HPS will assume responsibility for $1.1b in aircraft-related debt. When formed in 2016, Chorus called the leasing business Chorus Aviation Capital. At the time, the company said intended to create a “globally competitive regional aircraft leasing” operation that would diversity its business beyond its airline Jazz.<br/>