Dwie średniej wielkości firmy leasingowe: AerCap oraz Genesis łączą. Nowa firma utrzyma nazwę AerCap

AerCap Holdings and Genesis Lease Ltd., two midsize operating lessors, announced Friday that they will merge in an all-stock transaction valued at $1.75 billion.
Genesis will become a wholly owned subsidiary of Amsterdam-based AerCap and its stockholders will receive one share of AerCap stock for each Genesis ADS (each ADS represents one Genesis common share). AerCap's ordinary shares were valued at $8.81 at the market close on Sept. 17.
AerCap CEO Klaus Heinemann and CFO Keith Helming will lead the combined company, which will retain the AerCap name. The deal is subject to approval by regulators and Genesis shareholders. Upon completion, expected in the fourth quarter, Genesis shareholders will own 29% of the company.
The merger will create "the world's leading independent aircraft leasing company," Heinemann told analysts and reporters during a webcast. Shannon-based Genesis has 55 aircraft under management, most of which are 737s or A320s. As of June 30, AerCap owned 166 aircraft and managed a further 55. Most were modern narrowbodies with a smattering of older types such as MD-80s and some widebodies. It had orders for 38 A320 family aircraft and 27 A330s. The combined company will have assets of nearly $8 billion, Heinemann said, adding that it expects to achieve $10 million in cost benefits through the merger.
As part of the agreement, GECAS, which created Genesis in 2006 to take over a portion of its aircraft under operating lease, will continue to provide most asset management services for the Genesis fleet "in the near term," the companies said. GECAS has agreed with AerCap on "a means to terminate early the GECAS services at AerCap's option." Additionally, AerCap signed a letter of intent to purchase 13 aircraft from GECAS.
Genesis earned $14.3 million in the first six months of 2009, down 24% from the year-ago period, on a 1% rise in revenue to $108.3 million. AerCap's net income in the period fell 28% to $86.6 million while revenue declined 20% to $503.2 million.
Separately, the International Bureau of Aviation said that Royal Bank of Scotland reportedly is considering disposing of its $8 billion aircraft leasing business, with Goldman Sachs being appointed as the sole adviser. According to IBA, RBS Aviation Capital is the world's fourth-largest aircraft lessor.
ATW Daily News