FLY announced on March 29, 2021 that it had entered into a definitive agreement to be acquired by an affiliate of Carlyle Aviation Partners (“Carlyle Aviation”), the commercial aviation investment and servicing arm within The Carlyle Group’s $56 billion Global Credit platform. Under the terms of the Merger Agreement, FLY shareholders will receive $17.05 per share in cash, representing a total equity valuation of approximately $520 million. The total enterprise value of the transaction is approximately $2.36 billion. The transaction is expected to close in the third quarter of 2021 and is subject to customary closing conditions, including applicable regulatory clearance and the approval of FLY’s shareholders. Given the pending transaction, FLY will not host a first quarter earnings call.
At March 31, 2021, FLY had 84 aircraft and seven engines in its portfolio. FLY’s aircraft and engines are on lease to 36 airlines in 22 countries.
|Portfolio at||Mar. 31, 2021||Dec. 31, 2020|
|Number||% of Net Book Value||Number||% of Net Book Value|
|Airbus A320ceo Family||32||28%||32||28%|
|Airbus A320neo Family||1||2%||1||2%|
|Boeing 737 MAX||2||3%||2||3%|
At March 31, 2021, the average age of the portfolio, weighted by net book value of each aircraft and engine, was 8.6 years. The average remaining lease term was 4.7 years, also weighted by net book value.