Esken, the aviation and energy infrastructure group that has recently ceases operations of Stobart Air, has confirmed that the company is in the final stages of agreeing the documentation with Carlyle Global Infrastructure Opportunity Fund with regards to a long term strategic funding transaction relating to the development of London Southend Airport (LSA).
Under the proposed terms of the partnership, Carlyle would provide £120 million of funding net of Carlyle costs via a loan (convertible at Carlyle's option into an equity stake of 29.99% in LSA), which would release £100m of liquidity into the rest of the Group.
The transaction would be subject to a number of conditions, including Esken obtaining shareholder approval.