Reuters logo
UPDATE 1-AerCap completes acquisition of Genesis Lease
March 25, 2010 / 1:51 PM / 8 years ago

UPDATE 1-AerCap completes acquisition of Genesis Lease

*Deal was 1-for-1 stock swap

*AerCap shares up 3 pct

ATLANTA, March 25 (Reuters) - 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 assets.

AerCap said the combined company has assets of more than $8 billion.

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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below