LONDON: Qatar’s Lesha Bank has agreed to buy Amedeo Air Four Plus (AA4+) (AA4.L) for about £190 million ($243 million) in cash, the companies said on Friday, in a deal that expands the lender’s aviation leasing business.
Lesha Bank’s newly incorporated subsidiary LAC 10 will pay 73 pence per AA4+ share, a 33% premium to the stock’s closing price on March 5, the latest practicable date before the announcement. The deal values the Guernsey-registered company’s entire issued share capital at approximately £190 million.
The offer represents a 22% premium to AA4+’s volume-weighted average price over the past three months and 20% over the past 12 months, according to the statement.
AA4+ owns a portfolio of 12 widebody aircraft, including six Airbus A380-800s and two Boeing 777-300ERs leased to Emirates Airlines, and four Airbus A350-900s leased to Thai Airways.
The acquisition aligns with Lesha Bank’s strategy to build a global aircraft leasing portfolio through its Lesha Aviation Capital division, which currently manages about $1.5 billion in assets including 15 widebody aircraft on lease to Gulf Cooperation Council and global carriers.
“This strategic acquisition is in line with Lesha Aviation Capital’s strategy and represents the next step in the creation of a global aircraft leasing portfolio,” said Stephan Sayre, Co-Chief Executive Officer of Lesha Aviation Capital. “The acquisition reinforces our ability to execute value driven transactions in the global aviation market.”
AA4+ launched a strategic review in December 2023 amid challenging aviation market dynamics and a persistent discount between its share price and realisable asset value. Following an evaluation of multiple options including asset disposals and third-party interest, the board received an unsolicited proposal from Lesha Bank.
“The transaction represents the conclusion to a detailed, comprehensive and extended strategic review process,” said Robin Hallam, Independent Non-Executive Chairman of AA4+. “We believe this is the best outcome for AA4+ shareholders, delivering a premium, liquidity and certainty.”
AA4+ directors have unanimously recommended the deal, with Goldman Sachs advising on the financial terms. Directors holding about 0.11% of AA4+ shares have given irrevocable undertakings to vote in favour.
Investment firms Metage Capital, Staude Capital and Weiss Asset Management, representing a combined 19.5% of AA4+ shares, have also provided undertakings or letters of support for the transaction.
The acquisition will be implemented through a court-sanctioned scheme of arrangement under Guernsey law and is subject to shareholder approval and UAE merger control clearance. The deal is expected to complete in the third quarter of 2026.
AA4+ was established in May 2015 as a closed-ended investment vehicle to acquire and lease widebody aircraft to major airlines. Its asset manager is Amedeo Limited, which manages $2 billion in aviation assets.
($1 = 0.7815 pounds)