Marubeni Corporation and Mizuho Leasing have announced the completion of their merger with commercial jet aircraft leasing company Aircastle.

Aircastle has been merged with MM Air Limited, which is an entity controlled by affiliates of Marubeni and Mizuho Leasing.

In November 2019, the two sides entered a definitive agreement for the acquisition in a deal expected to be worth approximately $2.4bn.

The conclusion of the transaction was dependent on the receipt of regulatory approvals from all government authorities and clearance from Aircastle’s shareholders.

Earlier this month, Aircastle announced that its shareholders have voted to approve the previously announced Agreement and Plan of Merger.

The competition authority in Morocco gave clearance to the deal on 4 March.

Aircastle board of directors chairman Peter Ueberroth said: “We are pleased to announce the completion of this transaction, which delivers significant value to our shareholders.” 

As part of the merger, Aircastle will become a wholly owned direct subsidiary of MM Air Limited and Marubeni Aviation Holding Coöperatief UA. 

In addition to this, the agreement entitles Aircastle’s shareholders to receive $32 in cash for each common share of Aircastle. 

In connection with the completion of the transaction, Aircastle’s common shares will cease to trade on the New York Stock Exchange and be delisted.

Headquartered in Stamford, Connecticut, Aircastle specialises in acquiring, leasing and selling commercial jet aircraft to airlines worldwide. 

Until the end of last year, the company owned and managed 287 aircraft leased to 85 customers across 49 countries, on behalf of its joint ventures.