Tool V3 · Free

AOC Acquisition Analyser

An Air Operator Certificate cannot be bought. It is issued to a named company against a named organisation, and it does not travel with a fleet or a customer list — so what is actually for sale is the company, and everything else that company is. This values the certificate premium, tests whether the deal structure keeps the certificate at all, sequences the gates with the Authority, and prices what it costs to make an acquired certificate usable.

Step 1

How is the deal structured?

This is the first question, not a legal detail to settle later. One of these keeps the certificate and one destroys it.

Step 2

What is on the table?

The headline price and the balance sheet behind it. Everything else on this page is derived from these.

What you would have to build from scratch to replace this target. Sets the buy-or-build comparator and the cost of earning a certificate rather than buying one.
What the shares cost. Excludes debt you assume by acquiring the company.
Market value of assets the company owns outright, not the ones it leases.
Borrowings that stay with the company. In a share purchase you acquire these whether you fund them or not.
If the accounts are IFRS 16, the leased fleet is already on the balance sheet here — do not also apply a rent multiple.

Step 3

What it costs to make it usable

None of this is on the seller's balance sheet. All of it is funded by the buyer in year one.

Remediation and transaction costs —

Step 4

What diligence found

Tick what is true of the target. Four of these are reasons to renegotiate or walk rather than reasons to adjust the price.

Step 5

Ownership after completion

An air service licence carries an ownership-and-control test that a share purchase can quietly break. Set the cap table as it will stand on the day after closing.

Buy or build

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Enter the deal to compare it against certifying from scratch.

What you are paying for the certificate

Gates with the Authority

These run concurrently, so the elapsed time is the longest of them, not the sum. The notifications are requirements; the elapsed bands are JK planning figures.

Have JK run the diligence.

Technical and regulatory due diligence on a target certificate: finding register, records position, Ops Specs against the fleet, postholder standing and the change-of-control pathway. The stream buyers skip and then fund twice.

No email app? · info@aviationhubkenya.org

Structural and commercial orientation only — not legal, tax, accounting or regulatory advice, and not a valuation. Bands are JK planning figures for a small East African commercial operator, not quotations. Thresholds and regulations change: confirm the current position with counsel and the Authority before committing to a transaction. Nothing you enter leaves this browser.