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.

Premium Price and New Horizons

The buyout comes with a 31% premium over Air Lease’s average share price across the past year and about 7% over its record high closing last week. Investors responded quickly, with Air Lease stock surging 6.5% in Tuesday’s trading.

Founded by leasing legend Steven Udvar-Házy and longtime partner John Plueger, Air Lease has carved out a fleet stacked with next-generation aircraft. Once finalized in the first half of 2026, the company will fly under a new banner: Sumisho Air Lease.

Global Scale Takes Flight

Apollo and Brookfield’s capital infusion will supercharge Sumitomo’s aviation ambitions, vaulting its subsidiary SMBC Aviation Capital into an even higher echelon of the global leasing market. Executives described the acquisition as a reshaping of industry scale, capital access, and market power at a moment of soaring aircraft demand.

“Through this transaction, we will achieve greater scale and profitability, positioning the Sumitomo Corporation Group’s aircraft leasing business as one of the largest globally in terms of owned and managed aircraft,” said Takao Kusaka, CEO of Sumitomo’s transportation and construction systems group.

Industry Confidence and Next Chapter

Air Lease’s board unanimously endorsed the deal, with key executives pledging their shares to support the sale.

“This is an exciting next chapter for Air Lease,” said John Plueger, CEO and president. “It is a testament to our talented team and the partnerships we’ve built worldwide. I’m confident this transaction will reward shareholders and strengthen the industry we serve.”

The agreement still awaits shareholder and regulatory approval, but if cleared, it promises to redraw the flight map of global aviation finance.