Aircastle Limited (NYSE: AYR) ("Aircastle") announced today the receipt of the final regulatory approval that is a condition to closing Aircastle's previously announced merger with an entity controlled by affiliates of Marubeni Corporation ("Marubeni") and Mizuho Leasing Company, Limited ("Mizuho Leasing"). The parties received clearance from the competition authority in Morocco on March 24, 2020.
Aircastle expects to complete the merger on or about March 27, 2020, subject to the satisfaction of the remaining customary closing conditions set forth in the merger agreement and discussed in detail in the definitive proxy statement filed with the U.S. Securities and Exchange Commission by Aircastle on January 23, 2020. Upon completion of the merger, Aircastle's shareholders will be entitled to receive $32.00 in cash for each common share of Aircastle(other than shares already owned by Marubeni and its affiliates).
Commenting on the approval, Michael Inglese, Aircastle's Chief Executive Officer, stated, "We are pleased to have reached this milestone in our pending merger with Marubeni and Mizuho Leasing, who have a long-term horizon and remain committed to our strategy and the aviation industry. We look forward to the new investment opportunities that lie ahead for Aircastle together with Marubeni and Mizuho Leasing."