Financier Desmond Buys Majority Stake In ExecuJet
Dermot Desmond, a billionaire financier, has taken an interest in aviation with his purchase of over 50 percent of Zurich-based ExecuJet Aviation. Desmond will also become chairman of the company. Industry indications that the bizjet sector is on the boom are reflected in two-year waiting lists managed by some organizations for those interested in purchase or lease of popular aircraft types, and perhaps serve a part in Desmond's motivation. Desmond's move brings an infusion of fresh capital and positions ExecuJet to be at the leading edge of consolidation in the bizjet segment for the next three to five years. He received his own cash infusion from the recent sale of London City airport, for which he received EUR 950 million. Industry watchers should keep an eye out for expansion details and new products to be announced in the coming months.