Fly Leasing To Be Acquired By Carlyle Aviation Partners For $17.05/Shr - Quick Facts

(RTTNews) - Aircraft leasing firm Fly Leasing Ltd. (FLY) announced Monday that it has entered into a definitive agreement to be acquired by an affiliate of Carlyle Aviation Partners, the commercial aviation investment and servicing arm within The Carlyle Group's $56 billion Global Credit platform.

Under the terms of the agreement, FLY shareholders will receive $17.05 per share in cash, representing a total equity valuation of approximately $520 million. The total enterprise value of the transaction is approximately $2.36 billion. The per share cash consideration represents a premium of approximately 29% to FLY's closing price on March 26, 2021

FLY's portfolio of 84 aircraft and seven engines is on lease to 37 airlines in 22 countries.

The Board of Directors of FLY has approved the Merger Agreement, acting upon the recommendation of a special committee appointed by the Board of Directors and has recommended that FLY shareholders vote in favor of the transaction.

The transaction is expected to close in the third quarter of 2021 and is subject to customary closing conditions, including applicable regulatory clearance and the approval of FLY's shareholders.