SIA Engineering Co. and Boeing have created a joint venture (JV) to provide fleet management services to airlines in Asia-Pacific and beyond. The JV—which will support 737s, 747s, 777s and 787s—is expected to close by end of 2014, subject to regulatory approvals.

Boeing will hold a 51% equity stake and SIA Engineering will hold 49%.

“The joint venture will be a game changer for the airline industry,” SIA Engineering CEO William Tan said. “It will set new standards for aircraft reliability and utilization. It will also make fleet management solutions far more accessible, customizable and affordable for airlines. Aircraft ownership will be made much simpler.”