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AerCap's largest shareholder to vote in favor of $5.4 billion ILFC purchase

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December 17
10:06 AM 2013

Abu Dhabi investment firm Al Waha Capital P.J.S.C. on Tuesday said it would vote in favor of AerCap Holdings NV's $5.4 billion acquisition of American International Group Inc.'s (AIG) aircraft leasing unit.

According to a report by Reuters, AerCap will pay $3 billion plus stock for International Lease Finance Corporation (ILFC). The deal would give the Dutch aircraft leasing company a stake of 46% in ILFC. AIG, on the other hand, would finally secure a sale of its aircraft leasing business after four years of trying.

Waha Capital's Salem Rashid Al Noaimi, in a filing with the Abu Dhabi bourse, said that the company is supportive of AerCap's purchase of ILFC. Noaimi added that Waha Capital expects the deal to be value enhancing for AerCap's existing shareholders and indirectly its own shareholders. Noaimi is Waha Capital's chief executive officer, the report said.

Waha Capital is AerCap's largest shareholder with a 26.3% stake. Should the deal be completed, Waha Capital's holding will be reduced to about 14%, Reuters wrote.  

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