In a blockbuster move destined to rattle the global skies, Apollo Global Management and Brookfield, guided by Milbank LLP, have joined forces with Japan’s Sumitomo Corp. and SMBC Aviation Capital in a $28.2 billion takeover of Air Lease Corp. The agreement, disclosed Tuesday, will take the Los Angeles-based aircraft lessor private in one of the largest aviation deals in recent years.
The deal, stitched together by five powerhouse law firms, will see Air Lease acquired for $65 per share in cash—a valuation of $7.4 billion in equity and $28.2 billion including debt.
Legal Heavyweights in the Cockpit
Advising SMBC Aviation Capital are Davis Polk & Wardwell LLP and McCann Fitzgerald LLP. Norton Rose Fulbright is steering Sumitomo Corp., while Skadden Arps Slate Meagher & Flom LLP represents Air Lease. Meanwhile, Apollo and Brookfield’s strategy is being helmed by a Milbank team stacked with senior partners.
The consortium also secured $12.1 billion in committed financing from SMBC, Citi, and Goldman Sachs, with Paul Hastings LLP advising the lenders.
