This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

AerCap And Genesis Lease Complete Merger In An All Share Transaction

AMSTERDAM and SHANNON, Ireland, March 25  /PRNewswire-FirstCall/ --AerCap Holdings N.V. ("AerCap") (NYSE: AER) and Genesis Lease Limited ("Genesis") (NYSE: GLS) announced today the completion of their amalgamation, previously announced on September 18, 2009, under which Genesis shareholders will receive one AerCap ordinary share for every Genesis common share they owned.

Under the amalgamation, Genesis became a wholly-owned subsidiary of AerCap and its shares ceased trading at the New York Stock Exchange.  AerCap's CEO Klaus Heinemann and CFO Keith Helming will lead the combined company, which has retained the name AerCap. Three directors from Genesis will be nominated for election to the Board of Directors of AerCap at the 2010 annual general meeting to be held in May 2010.  

Based on Genesis' balance sheet, the transaction has a value of $1.76 billion and, based on the closing stock price for AerCap Holdings N.V. ordinary shares on Wednesday, March 24, 2010, the share-for-share consideration has a value of $10.83 per Genesis ADS (each ADS representing one Genesis common share). As of March 25, 2010, Genesis shareholders own approximately 29% of the combined company.

The amalgamation follows receipt of all necessary regulatory authorizations, approval of the transaction by Genesis' shareholders on March 23, 2010, and satisfaction of all other closing conditions.

AerCap's CEO Klaus Heinemann commented, "The merger has strengthened our ability to expand our leading market position at a time when we see clear indications of increasing market recovery. This powerful combination, together with the enhanced cash generation capabilities of our combined companies, will enable us to pursue considerable further growth for the benefit of our shareholders. AerCap is now the world's leading independent aircraft leasing company, with a strong franchise, a worldwide market reach, and a young, fuel-efficient portfolio with approximately $10 billion in book value including our contracted aircraft orders."

John McMahon, Chairman & CEO of Genesis added, "The Genesis board and management are grateful for the overwhelming support of our shareholders in favor of the merger transaction with AerCap. As a result, we believe that our shareholders are well positioned to benefit from the combined company's future contracted and funded growth as well as the opportunities that arise as the market recovers. We wish them, the board and management team of the combined company every success in the future."

The combined company has total assets of more than $8 billion, and boasts a lease portfolio currently valued at nearly $7 billion. AerCap also has $3.6 billion of lease assets under purchase contract, ensuring further growth with new, fuel-efficient aircraft.  

AerCap's total portfolio includes 345 commercial aircraft and 92 engines that are either owned, on order, under contract or letter of intent, or managed. The average age of its owned aircraft fleet is 6.2 years.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,424.85 +162.29 1.00%
S&P 500 1,862.31 +19.33 1.05%
NASDAQ 4,086.2250 +52.0640 1.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs