Air Lease's shareholders have approved its previously disclosed takeover from Sumisho Air Lease Corporation.
The new holding company will be owned by Sumitomo Corporation, SMBC Aviation Capital and investment vehicles with funds managed by Apollo and Brookfield.
At a special meeting, the lessor's Class A common stockholder voted 80.7% in favour of the merger agreement.
“We are pleased with the results from our special meeting and thank our stockholders for their support,” said Air Lease president and CEO John Plueger. “Today marks a major milestone for Air Lease. We look forward to completing this transaction.”
The $7.4bn deal is expected to close in the first half of 2026. The definitive agreement was signed in September this year.
“Since founding Air Lease in 2010, we have been unwavering in our mission to shape the future of the aviation industry and provide airlines around the world with access to the most modern, fuel-efficient aircraft,” said Steven Udvar-Hazy, chairman of the board of Air Lease when the deal was first announced.
“After thoughtful consideration, the board has unanimously determined that this transaction represents the best path forward for our company as it will deliver an immediate premium and certainty in cash value to our Class A common stockholders.”
Upon closing, Air Lease stockholders will receive $65 in cash for each share of Class A, representing a total valuation of around $7.4bn, or $28.2bn including debt obligations to be assumed or refinanced net of cash.
Air Lease will be renamed Sumisho Air Lease and its orderbook is expected to transfer to SMBC Aviation Capital as part of the transaction. SMBC Aviation Capital said it will act as a servicer to the substantial majority of Sumisho Air Lease's portfolio.