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AerCap and Genesis Lease to merge in an all share transaction

21-Sep-2009 8:16 AM

AerCap Holdings and Genesis Lease announced (18-Sep-2009) their Boards approved a definitive agreement under which AerCap and Genesis will merge in an all share-for-share transaction, with Genesis becoming a wholly-owned subsidiary of AerCap. Genesis shareholders will receive one AerCap ordinary share for every Genesis common share. AerCap's CEO, Klaus Heinemann, and CFO, Keith Helming, will lead the combined company, which will retain the name AerCap. Three directors from Genesis will be nominated for election to the Board of AerCap. Based on Genesis' balance sheet, the transaction has a value of approximately USD1.75 billion. The transaction is subject to approval by Genesis shareholders, satisfaction of customary closing conditions and receipt of any necessary regulatory approvals. The transaction is expected to close in 4Q2009. The combined company will have a total fleet of 358 commercial aircraft and 83 engines that are either owned, on order, under contract or letter of intent, or managed. [more]

AerCap: "The merger of Genesis and AerCap enhances the cash generation of the combined company in the current environment to pursue our growth objectives and capitalize on opportunities as the market recovers... The similarity of our respective aircraft portfolios, combined with AerCap's substantial order book, make this an attractive transaction for all stakeholders," Klaus Heinemann, CEO. Source: AerCap, 18-Sep-2009.