Qatari-based financial institution Lesha Bank is to acquire the portfolio of 12 widebody jets held by aircraft asset manager Amedeo’s Air Four Plus vehicle.
Air Four Plus has six Airbus A380s and two Boeing 777-300ERs, which have been operated by Emirates, along with four A350-900s with Thai Airways International.
Lesha Bank has will take over the aircraft through its Lesha Aviation Capital division, and specifically an entity called LAC 10 formed specially for the acquisition.
The division already has 15 widebody aircraft comprising four A350-1000s, five 777-300ERs and six 787s.
All of them are leased to a global flag carrier and a Gulf Co-operation Council airline.
Amedeo Air Four Plus, which is Guernsey-domiciled, has endured a series of difficulties including the Covid-19 pandemic, high inflation and high interest rates.
It says its board has been examining the strategic direction of the company with a view to maximising shareholder returns, given “challenging” market dynamics and “uncertainty” over certain assets – pointing out that the share price has been trading at a “persistent discount” against asset value.
The board considered several options, including potential sale to a third party, before Lesha Bank made an unsolicited approach to acquire the company.
Under the proposed cash acquisition – terms of which have been agreed by the parties – Air Four Plus’s entire share capital is valued at £190 million ($255 million). The shareholders would receive £0.73 per share.
“We…believe that [Air Four Plus’s] portfolio represents an attractive pool of assets that are underpinned by long-term contracted cash flows,” says Lesha Aviation Capital co-chief Stephan Sayre.
“This strategic acquisition is in line with Lesha Aviation Capital’s strategy and represents the next step in the creation of a global aircraft leasing portfolio.”
Air Four Plus says the agreement implies an enterprise value of £751 million.
