Air Lease to Be Sold to Sumitomo-Led Group for $7.4 Billion (3)

Air Lease Corp., the aviation finance firm built by industry pioneer Steven Udvar-Hazy, agreed to a $7.4 billion sale to a group led by Sumitomo Corp., adding to consolidation in a sector that plays an increasingly important role in aircraft purchases.

Investors in Los Angeles-based Air Lease will receive $65 a share in cash from the buyers, which include leasing firm SMBC Aviation Capital, Apollo Global Management Inc and Brookfield Asset Management, according to a statement Tuesday. The purchase price represents an 8% premium over Air Lease’s last closing price.

The deal, which is slated ...