Dubai
AerCap Holdings, the New York-listed aircraft leasing company, has acquired International Lease Finance Corporation (ILFC) for a reported $7.6 billion (Dh27.95 billion) from American International Group (AIG).
Abu Dhabi’s Waha Capital, a major AerCap shareholder, has had its stake diluted to 14.1 per cent from 26.2 per cent because of the deal. AIG received $3 billion in cash and 97.6 million AerCap shares for the transaction.
The acquisition makes AerCap the largest independent jet-leasing firm with over 1,300 aircraft valued at round $45 billion, according to a Waha Capital statement.
Waha Capital voted in favour of the transaction, according to company statement, which has bumped up the value of the Abu Dhabi company’s stake in AerCap to $1.4 billion. Its original investment cost $388 million in 2010.
“Waha Capital has fully supported AerCap’s acquisition of ILFC from an early stage. As a long-term partner of AerCap, we see significant value being created by the combined company through the dramatic increase in scale and earnings in an industry with strong growth prospects in the coming years,” stated Salem Rashid Al Noaimi, Chief Executive Officer and Managing Director of Waha Capital, and a Board member of AerCap.
Waha Capital reported earlier this week a 78 per cent jump in first quarter net profit to Dh152 million following the sale of its stake in another aircraft leasing company. In April, it sold its 60.7 per cent stake in AerLift Leasing to a newly established US-company for Dh307 million.
Last year, it stepped into the health sector for the first time with its purchase of Ango Arabian Health Group. In a statement released earlier this week, it said it has a further Dh1 billion in capital for investments.
