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The Onex Corp. logo is displayed at the company's annual general meeting in Toronto on Thursday, May 10, 2012.Nathan Denette/The Canadian Press

Onex Corp. has agreed to pay $165-million (U.S.) to buy 50 per cent of aircraft leasing company BBAM in a two-part deal announced Monday.

The Toronto-based conglomerate will acquire a 15 per cent stake in BBAM from FLY Leasing Ltd. and 35 per cent from BBAM's management team.

BBAM has more than 200 airlines as customers and provides them with aircraft leasing, financing and management services.

BBAM also provides asset management services to leasing companies, investors and financial institutions.

Onex is a diversified private equity firm that has investments in a wide variety of industries including civil aviation, real-estate and manufacturing.

In a side deal, Onex and BBAM plant to invest a $25-million to buy new shares of FLY, which will also receive $50-million from selling the BBAM shares.

Onex and BBAM have agreed to pay $11.41 per FLY share, a discount to the Friday closing price of $12.31 on the New York Stock Exchange.