Japanese trading company Marubeni Corp said on Monday it had completed the acquisition of a U.S. aircraft lessor Aircastle Ltd, making the purchase when the airline industry is in crisis due to the global coronavirus pandemic.
The worldwide aviation industry has come almost to a standstill as measures to halt the spread of the coronavirus have put roughly 3 billion people on lockdown.
Marubeni, which already owned a 28.8% stake in Aircastle, paid $1.142 billion to raise its stake to 75% under a deal signed in November. Japanese leasing firm Mizuho Leasing Co Ltd paid $611 million to take the remaining 25%.
Last week, Marubeni predicted a record net loss of 190 billion yen ($1.8 billion) for the year ending this month, as the coronavirus outbreak drives an unprecedented oil price slide and falls in other commodities.
Source: Reuters.com