Magellan Air was formed in June 1998 as AGES Aircraft Sales and Leasing (AASL) and was a wholly owned subsidiary of The AGES Group, Boca Raton, Florida, USA (now Volvo Aero). The first transactions for the Shannon, Ireland based company included DC-10 and Boeing 757 financing. The company began its aircraft management activities in January 1999 with the GPA-ATR portfolio of 22 ATR aircraft. A second portfolio of ATR aircraft was added in October 1999 when Magellan Air took over the management of Prop Leasing and Trading Company (who's shareholders included British Airways). Novus Holding Corporation and the management team purchased the company from The AGES GROUP in April 2000. The company name was changed to Magellan Air Limited in June 2000. In November 2000 TAT Group (France) acquired a 50% shareholding in the company. The total number of aircraft under management also increased to 50 aircraft with the addition of 23 aircraft owned by the new shareholder. In January 2007 TAT Group acquired 100% control of Magellan Air.
In June 2010 Magellan Air changed its name to TAT Leasing Services Ltd.
The company's main activities include:
- Aircraft Asset Management
- Aircraft Sales and Leasing
- Aircraft Financing
- Corporate advisory services to airlines and Lessors