Dentons has advised Libra Group on the sale of a 35% stake in its aviation subsidiary, LCI, to Sumitomo Mitsui Finance and Leasing Co., Ltd (SMFL).
Libra Group is a privately owned, global business group that encompasses 30 operating entities: 20 businesses predominately focused on aviation, renewable energy, maritime, real estate, hospitality, and diversified investments, as well as 10 independently-run social initiatives. LCI is a leading aviation company that is positioned across the commercial fixed-wing, helicopter and advanced air mobility sectors. Since its inception in 2004, LCI has undertaken approximately US$10 billion of transactions in the aviation market and provides leasing services to operators, Governments and end-users.
SMFL has been a leading Japanese leasing company for over 50 years. SMFL is owned by Sumitomo Mitsui Financial Group and provides aircraft and engine leases to the global aviation industry and other asset-based finance, such as real estate and energy facilities, in addition to other types of financial products.
LCI’s first partnership with SMFL began in 2020 with the launch of a US$230 million helicopter leasing joint venture (JV) of 19 next-generation helicopters. Since that time, the JV has expanded and now has a portfolio of over 50 aircraft valued at over US$550 million.
Darren Acres, UK Corporate partner at Dentons said, “It was an absolute pleasure to support the Libra and LCI team on this deal which provides a platform for growth of the LCI business.”
The Dentons multi-practice team advising Libra Group and LCI was led by Corporate partner Darren Acres and Asset Finance partner Sarah Dyke, together with Arjun Mehta, Anna Clark, Renu Gulrajani and Aleksandra Kozlowska (Corporate), Alex Tostevin and Harpreet Chatha (tax), Christopher Graf and Melanie Martin (competition), Michelle Lamb (employment) and Eleanor Hart (pensions). US advice was led by Jeremy Hill and Alexandra Gortchilova in Indianapolis. The Dentons team worked closely with Nikolaos Verras (Group General Counsel – Libra Group) and Terri Foley (Chief Operating Officer and General Counsel – LCI).
