American International Group is selling its Los Angeles–based aircraft leasing subsidiary to Netherlands aircraft leasing company AerCap Holdings for $5.4 billion in cash and stock, AIG announced Monday. Debevoise & Plimpton advised AIG while O’Melveny & Myers represented its subsidiary, International Lease Finance Corporation. Counseling AerCap on the other side of the deal was Cravath, Swaine & Moore and Netherlands firm NautaDutilh.
The sale—$3 billion of which will be paid in cash—will give AIG ownership of approximately 46 percent of AerCap common shares. ILFC will become a wholly owned subsidiary of AerCap, and AIG will give the combined company a $1 billion, five-year unsecured revolving credit facility as part of the deal.
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