ILFC parent AIG has had the company on the market for several years, and an apparent deal struck a year ago with a group led by a Hong Kong-based investment firm fell through when agreed-upon deadlines were missed. AerCap, which had been eyeing ILFC for some time, moved in, and—backed in part by a $1 billion unsecured revolving credit facility from AIG and a combined $2.75 billion in funding from UBS and Citibank—struck a deal.
The deal is subject to AerCap shareholder approval. Abu Dhabi-based Waha Capital, AerCap’s largest shareholder at about 26%, says it will back the deal.
AIG would own 46% of the combined entity.