MIAMI, FL - Bilzin Sumberg Baena Price & Axelrod LLP announced today that it represented Aero Hardware & Supply, Inc., a South Florida-based aerospace and hydraulic parts and services supplier, in the assets and operations sale of its aerospace parts division to Satair A/S, (NASDAQ OMX: SAT), a Denmark-based publicly traded global aerospace parts distributor and supply chain services provider. The transaction closed August 1, 2010.
The purchase price for the acquisition was a total of $13.5 million, $8.5 million of which was paid to Aero Hardware in cash at closing. The remaining $5 million was paid by way of a promissory note to be repaid in full on the one-year anniversary of the closing date. As part of the sale, the parties also entered into a long-term lease agreement whereby Satair will continue to operate the acquired assets and operations from their current location at Aero Hardwares Miami-based offices.
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Bilzin Sumberg Baena Price & Axelrod LLP is a full-service, commercial law firm based in Florida. The firm has extensive experience in the areas of commercial finance, corporate and securities law, environmental law, land use and government relations, litigation, real estate, restructuring and bankruptcy, tax and wealth transfer. For more information, visit www.bilzin.com.