Why Shares of Fly Leasing Are Soaring Today
Shares of Fly Leasing (NYSE: FLY) climbed 25% higher on Monday morning after the aircraft lessor agreed to be acquired by Carlyle Group (NASDAQ: CG). It's the second major deal involving aircraft lessors this year, and Carlyle is offering a sizable premium to get the deal done.
Terms of the deal call for Fly Leasing holders to receive $17.05 per share in cash, a 29% premium to the stock's Friday close. The deal values Fly Leasing equity at $520 million, but the deal is worth about $2.36 billion if you include the amount of debt Carlyle will assume.
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Source Fool.com
