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Benzinga
Benzinga
Business
Akanksha Bakshi

Air Lease Agrees To $7.4 Billion Takeover By Sumitomo-Backed Consortium, Stock Soars

Air Lease AL NYSE Air Lease Corp Apollo Global Management Brookfield Dublin
Business,Mergers,And,Acquisitions,Concept.,Share,Acquisition,,Asset,Business,Acquisition,

Air Lease Corp. (NYSE:AL) shares climbed after the aircraft lessor said it will be acquired by a newly formed Dublin-based holding company backed by Sumitomo Corp. (OTC:SSUMY), SMBC Aviation Capital Ltd., and investment funds tied to Apollo Global Management (NYSE:APO) and Brookfield (NYSE:BN).

The cash deal values the aircraft lessor at $7.4 billion, or $28.2 billion including debt. Shareholders will receive $65 per share in cash, a 7% premium over Air Lease’s record-high closing price and a 31% premium compared with the company’s 12-month average.

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