September 21, 2009, 2009 (FinancialWire) — Dutch aircraft leasing firm AerCap Holdings N.V. (NYSE: AER) has agreed to buy Irish rival Genesis Lease Ltd. (NYSE: GLS) in a share exchange deal that has been approved by the boards of both companies. Under the terms, Genesis shareholders will receive one AerCap ordinary share for every Genesis common share they own.

Genesis will become a wholly-owned subsidiary of AerCap. AerCap’s CEO Klaus Heinemann and CFO Keith Helming will lead the combined company, which will retain the name AerCap. Three directors from Genesis will be nominated for election to the board of AerCap at an extraordinary general meeting of AerCap shareholders to be called and held shortly after the close of the transaction.

According to AerCap, and based on Genesis’ balance sheet, the transaction has a value of $1.75 billion. Based on the closing stock price for AerCap Holdings N.V. ordinary shares on September 17, the share-for-share consideration has a value of $8.81 per Genesis ADS.

The transaction is subject to approval by Genesis shareholders, satisfaction of customary closing conditions and receipt of any necessary regulatory approvals. It is scheduled to close in the fourth quarter of 2009.

Amsterdam-based AerCap is engaged in aircraft and engine leasing, trading and parts sales. The firm also provides aircraft management services and performs aircraft maintenance, repair and overhaul services and aircraft disassemblies. AerCap has offices in Ireland, the United States, Singapore, China and the United Kingdom.

Shannon, Ireland-based Genesis is a commercial aircraft leasing company that acquires and leases passenger and cargo jet aircraft to a range of airlines.

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