Aircraft lessor Aircastle to be bought in $2.4 billion deal

Aircastle said Wednesday Japan’s Marubeni Corp and Mizuho Leasing Co Ltd had offered to buy the aircraft lessor in a deal valued at $2.4b, ending a nearly two-week long strategic review of its business. Shares of the company rose 16% to trade in line with the offer price of $32 per share. Marubeni, the company’s largest shareholder, has a 29% stake in Aircastle as of Oct. 23 that is currently valued at about $600m. Aircastle, which owned and managed 277 aircraft in 48 countries as of Sept. 30, counts American Airlines, Southwest and United among its customers. Airline bankruptcies have increased this year at the fastest ever rate, led by the collapse of India’s Jet Airways, British travel group Thomas Cook and Avianca of Brazil, adding pressure on aircraft leasing companies.<br/>