Seven Firms Aid Carlyle Aviation’s $2.36 Billion Fly Leasing Buy

Milbank and Bermuda-based law firm Wakefield Quin are advising Carlyle Aviation Partners on its agreement to acquire Fly Leasing Ltd. in a transaction with an enterprise value of $2.36 billion.

The deal calls for Carlyle Aviation Partners, the commercial aviation investment and servicing arm in Carlyle Group Inc.‘s $56 billion global credit platform, to acquire Fly’s portfolio of 84 aircraft and seven engines, according to a March 29 statement.

Carlyle Aviation Partners will pay $17.05 per share in cash, for a total equity valuation of around $520 million, for the equipment on lease to 37 airlines in 22 countries.

Gibson, Dunn & Crutcher, Clifford Chance U.S., Bermuda-based Conyers Dill & Pearman, and Dublin-based McCann FitzGerald are advising Fly on the transaction, expected to close in the third quarter.

Kirkland & Ellis is advising BBAM LP, Fly’s aircraft manager and servicer.

“This transaction represents strong value for Fly shareholders at a time when airlines are facing an extremely difficult environment and smaller aircraft lessors are disadvantaged in the debt markets,” said Colm Barrington, CEO of Fly.