M&A · Industrials · Services-Equipment Rental & Leasing, NEC
Sumitomo Corporation to acquire Air Lease Corp
Announced Sep 2, 2025 · Closed Apr 8, 2026
Deal value$7.26BEV $27.13B
Premium—To unaffected price
EV / Adj. EBITDA11.0x9.4x EV / Revenue
ConsiderationAll cash$65.00 per share
Transaction
- Acquirer
- Sumitomo Corporation
- Target
- Air Lease Corp (AL)
- Buyer type
- Strategic
- Offer price per share
- $65.00
- Enterprise value
- $27.13B
- Status
- Closed Apr 8, 2026
Deal protections
- Break fee (target pays)
- $225M · 3.1%
- Reverse fee (buyer pays)
- $350M · 4.8%
- Go-shop
- —
- Financing
- Committed · SMBC Nikko, Citigroup, Goldman Sachs
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $3.0M
Sector context · Industrials
- Comparable deals
- 99 in the prior 24 months
- Premium
- Sector median 41.0%
- EV / Adj. EBITDA
- 11.0x vs. 9.2x sector median
- Break fee
- 3.1% vs. 2.7% sector median
Timeline
- AnnouncedSep 2, 2025
- Proxy filedOct 15, 2025
- Definitive proxyNov 4, 2025
- Shareholder voteDec 18, 2025
- ClosedApr 8, 2026
Valuation · fairness opinions
Precedent transactions$43.55$110.15
Discounted cash flow$58.30$75.20
Analyst price targets$50.00$72.00
Trading comparables$62.75$81.90
Offer $65.00
Implied value per Air Lease Corp share by analysis, from JPMorgan · DCF discount rate 8.5%–9.5%.