The full takeover was expected to be completed by the end of March and means TAE will be a 100 per cent Australian-owned company.
TAE general manager Andrew Sanderson said the management team will not change and it will be business as usual for customers and suppliers.
“This new ownership structure allows us to now focus on our core business and develop TAE as an independent engineering and maintenance company as a 100 per cent Australian-owned venture,” Sanderson said in a statement on Thursday.
“The new ownership team has great confidence in TAE’s people, our strong customer and contract base and prospects for the future and we look forward to seeing our significant investment be the start of a new chapter in TAE’s story in Australia.”
Sanderson said Air NZ had been a great supporter throughout the company’s history.
TAE, which employed about 200 staff, said it would be the nation’s largest fully Australian‐owned aviation engineering services company following the transaction.
It was recently selected to undertake maintenance, repair, overhaul and upgrade work for the Lockheed Martin F-35 Joint Strike Fighter’s Pratt & Whitney F135 engines from its facility at RAAF Base Amberley.