Norton Rose Fulbright advises Sumitomo Corporation on transformational US$7.4billion aircraft leasing acquisition

Global law firm Norton Rose Fulbright has been advising Sumitomo Corporation on its acquisition of Air Lease Corporation (NYSE: AL), a leading aircraft lessor, alongside SMBC Aviation Capital, Apollo-managed funds (Apollo), and Brookfield.

Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield have reached a definitive agreement to acquire Air Lease Corporation through a newly established holding company based in Dublin, Ireland, Sumisho Air Lease Corporation (Ireland) DAC.

The transaction, valued at approximately US$28.2 billion – including debt obligations to be assumed or refinanced net of cash – will involve a cash consideration of US$65.00 per share for Air Lease’s Class A common stock, representing a total equity valuation of approximately US$7.4 billion.

Upon completion, Air Lease will be renamed Sumisho Air Lease Corporation (SALC), with its aircraft orderbook transferring to SMBC Aviation Capital, which will also act as servicer to part of SALC’s portfolio. Apollo and Brookfield will provide capital support, joining Sumitomo Corporation and SMBC Aviation Capital as aligned investors.

Norton Rose Fulbright has been acting for Sumitomo Corporation on all transactional, corporate, competition and regulatory aspects of the deal, drawing on its global aviation and cross-border M&A expertise.

The cross-border team advising on the transaction was led by London-based corporate partner Alan Bainbridge, alongside the Tokyo-based client relationship partner, Akihiko Takamatsu. The core team also included London-based partners Chris Randall (corporate) and Duncan Batchelor (aviation/transport), along with counsel Alex Green (corporate) and senior associates Juliet Gordon-Biggs (corporate) and Chiranj Shah (aviation/transport). Additional support came from New York-based partners Steven Suzzan (corporate) and Tim Byrne (financial regulation); Washington, DC-based partner Stefan Reisinger (FDI/CFIUS); and Tokyo-based partner Marc Waha (competition).

Akihiko Takamatsu said:

"We are proud to have been supporting Sumitomo Corporation on this landmark transaction, which brings together leading global investors to reshape the aircraft leasing landscape. This transaction underscores Norton Rose Fulbright’s continued leadership in advising on complex, high-value deals in the transport and aviation sectors, and reflects our ongoing commitment to supporting clients in navigating strategic opportunities across borders."

Norton Rose Fulbright’s global aviation practice is recognised for its depth of experience across the full spectrum of aviation legal services, including aircraft finance and leasing, regulatory compliance, M&A, litigation, and restructuring. With teams located in key aviation hubs worldwide, the firm advises airlines, lessors, financiers, manufacturers, and investors on some of the most significant and innovative transactions in the sector.