AerCap Holdings NV (AER) announced it will acquire Genesis Lease Ltd. (GLS) in a $300 million all-stock merger of European aircraft-leasing companies.
Genesis disclosed Monday it was in merger talks with an unnamed partner, but a trade publication said AerCap was expected to make a takeover offer.
The bid is one AerCap share for each Genesis share. AerCap shares closed Thursday at $8.81 and Genesis American depositary shares ended at $8.45. Genesis holders would own 29% of the combined company.
Based on Gensis’ balance sheet, the companies said the deal is worth $1.75 billion.