Shareholders in Irish aviation lessor Avolon have voted in favour of a deal that will see Bohai Leasing acquire the group in a transaction valued at $7.6 billion.
Approximately 87.5 per cent of Avolon’s total outstanding voting shares voted in person or by proxy at an extraordinary general meeting, with 99.8 per cent of those shares backing the deal, which is expected to be completed in the first quarter of 2016.
Avolon entered into exclusive talks with the Chinese company in August about a possible acquisition of the group for $32 a share, or just over $2.63 billion.
The Dublin-based company, which is run by aviation industry veteran, Dómhnal Slattery is being bought at a price of $31 per share. This represents a 31 per cent premium on Avalon's closing price of $23.73 on July 13th when Bohai first announced its intention to acquire a 20 per cent stake in the group.
It also represents a 55 per cent premium to Avolon’s initial public offering at US$20 per share in December 2014.
Taking the Dublin-based company’s $5 billion debt into account, it puts its overall enterprise value at $7.6 billion.
Headquartered in Ireland, with offices in the United States, Dubai, Singapore and China, Avolon provides aircraft leasing and lease management services. The group has an owned, managed and committed fleet of 258 aircraft serving 56 customers in 33 countries.
Upon completion of the deal, Avolon will become a privately held company and its common shares will no longer be listed on the New York Stock Exchange.
