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AerCap Holdings N.V. to acquire International Lease Finance Corp from American International Group Inc

Monday, 16 Dec 2013 06:27am EST 

AerCap Holdings N.V:Enters into a definitive agreement with American International Group Inc (AIG) under which AerCap will acquire 100 pct of the common stock of International Lease Finance Corp (ILFC), a wholly-owned subsidiary of AIG.Under the terms of the agreement, AIG will receive $3.0 billion in cash and 97,560,976 AerCap shares.The transaction is expected to close in the second quarter of 2014.The cash portion of the consideration is expected to be funded through a combination of new debt financing and cash of the combined company.The combined company will retain the name AerCap, and ILFC will become a wholly owned subsidiary of AerCap.In connection with the transaction, AIG will be entitled to nominate two directors for election to the board of directors of AerCap.The total consideration has a value of about $26 billion including the assumption of the outstanding ILFC net debt of $21 billion.Upon closing of the transaction, AIG will own about 46 pct of the combined company, while the existing AerCap shareholders will own about 54 pct of the combined company.Waha Capital, AerCap's largest shareholder with a current stake of 26 pct, has agreed to vote in favor of the transaction. 

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0.03 +0.05%
1:16pm EDT