Milbank LLP advised Apollo managed funds (“Apollo”) and Brookfield in connection with Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield’s definitive agreement to acquire Air Lease Corporation (“Air Lease”), a leading aircraft lessor founded by Steven F. Udvar-Házy and John L. Plueger with a portfolio primarily comprising new technology aircraft. Upon closing, Air Lease will be renamed Sumisho Air Lease, a newly established entity. Apollo and Brookfield provided capital to support the transaction.
Under the terms of the agreement, Air Lease common stockholders will receive $65.00 per share in cash, representing a total valuation of approximately $7.4 billion, or approximately $28.2 billion including debt obligations to be assumed or refinanced net of cash. The Board of Directors of Air Lease has unanimously approved the agreement. The transaction is subject to customary closing conditions, including approval by Air Lease’s common stockholders and receipt of certain regulatory approvals, and is expected to close in the first half of 2026. Air Lease’s directors and certain executive officers have agreed to vote the shares of common stock held by them in favor of the transaction.
Click here to read the official press release.
The Milbank team was led by Drew Fine, chair of Milbank’s Transportation & Space practice, Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini, Transportation & Space partner and practice group leader Alexandra Johnson, Transportation & Space partner Freyda Mechlowicz, Global Project, Energy and Infrastructure Finance partner Sean C. O’Neill, and Global Corporate/M&A partners Daniel P. Tyrrell and Benjamin Fidler. The team also included Global Project, Energy and Infrastructure Finance partner Carolina Walther-Meade; Antitrust partners Grant Bermann and Andrea Hamilton and special counsel Alexis Brown-Reilly; Tax partners Max Goodman and Andrew Walker; CFIUS partner John Beahn; Transportation & Space associate Ariella Stepanian; Global Corporate/M&A associates Lisa Koo, Brenda Luo, Emilie Blicher and Cleopatra Gray; and Global Project, Energy and Infrastructure Finance associates Derrik Sweeney and Charlotte Hopkinson.
