SMBC Aviation Capital leads $7.4B acquisition of Air Lease Corporation

The acquisition will allow SMBC Aviation Capital to significantly expand its portfolio by integrating Air Lease’s orderbook. Peter Barrett, CEO of SMBC Aviation Capital, said,

“This transaction is transformational for our business and the leasing landscape. Investing in Sumisho Air Lease, purchasing their orderbook and becoming servicer to the substantial majority of Sumisho Air Lease’s portfolio will enable us to deploy our financial scale and strength to meet the evolving needs of our customers and take a strategic lead in reshaping our sector.”

Combining the experience of both firms is expected to strengthen their position among global lessors by focusing on new-generation equipment within their fleet portfolios.

Barrett also noted that Air Lease’s focus on liquid, in-demand new technology aircraft made it appealing for co-investors. The company's fleet includes Airbus A320neo family jets, A350s, Boeing 737 MAXs, 787s, and 777s. Major clients include American Airlines, Delta Air Lines, British Airways, Emirates, and Ethiopian Airlines.

To finance this deal, SMBC along with Citi and Goldman Sachs Bank USA have arranged $12.1 billion in committed financing. Upon completion of the transaction—which still requires shareholder approval from Air Lease’s common stockholders as well as regulatory clearances—Sumisho Air Lease expects investment-grade ratings from S&P Global Ratings (S&P), Fitch Ratings (Fitch), and Kroll Bond Rating Agency (Kroll). Currently holding an A- rating from S&P and BBB+ from Fitch according to its website [https://www.smbc.aero/about-us/our-company], SMBC manages a large portfolio comprising owned aircraft as well as managed assets across various regions globally.

Last year United Airlines leased 20 Airbus A321neos from SMBC [https://simpleflying.com/united-airlines-smbc-a321neo-leasing/]. Other North American clients include Delta Air Lines [https://simpleflying.com/delta-air-lines/], Spirit Airlines [https://simpleflying.com/spirit-airlines/], Breeze Airways [https://simpleflying.com/breeze-airways/], Air Transat [https://www.airtransat.com/en-CA/home], and Flair Airlines [https://flyflair.com/].

Air Lease’s Board of Directors has unanimously approved the agreement; directors and certain executive officers plan to vote their shares in favor of it as well. Subject to customary closing conditions—including required approvals—the deal is expected to close during the first half of 2026.