*Deal was 1-for-1 stock swap
*AerCap shares up 3 pct
ATLANTA, March 25 Dutch aircraft leasing
company AerCap Holdings NV (AER.N) said on Thursday that it
completed its acquisition of rival Genesis Lease Ltd.
The accord called for the exchange of one AerCap common
share for each Genesis share.
AerCap said it valued the deal at $1.76 billion based on
assets of Genesis. When the deal was announced in September
2009, the companies said about $1.1 billion in Genesis's debt
facility would be transferred to AerCap.
In a statement, AerCap Chief Executive Klaus Heinemann said
the acquisition would strengthen the combined company's ability
to expand amid indications of market recovery.
Over the past year, airlines have suffered from weak
economies, buyer financing availability has been limited and
some distressed companies have moved to shed aircraft leasing
AerCap said the combined company has assets of more than $8
Financial advisers to AerCap were Morgan Stanley (MS.N) and
UBS UBSN.VX, and Citigroup (C.N) was Genesis Lease's
financial adviser, the companies said.
AerCap shares were up 3 percent to $11.15 in morning
trading on the New York Stock Exchange.
(Reporting by Karen Jacobs, editing by Gerald E. McCormick)