By Dhirendra Tripathi
Investing.com – Shares of Fly Leasing (NYSE:) shot up 27% in Monday’s trade on news that a Carlyle group entity would buy it at an enterprise value of $2.36 billion.
FLY shareholders will receive $17.05 per share in cash, just above their current price.
An affiliate of Carlyle Aviation Partners, the commercial aviation investment and servicing arm within private equity giant Carlyle Group (NASDAQ:)’s $56 billion global credit platform, will buy FLY.
FLY acquires and leases its aircraft under long-term operating contracts to a diverse group of airlines throughout the world. Its fleet of 84 aircraft and seven engines is on lease to 37 airlines in 22 countries.
The board of directors of FLY has approved the merger. The transaction is expected to close in the third quarter of 2021.
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