Sept 2 (Reuters) - Sumitomo Corp ( SSUMF ), SMBC Aviation

Capital, Apollo and Brookfield said on Tuesday

they would acquire Air Lease Corp ( AL ) for $7.4 billion in

cash, aiming to create one of the world's largest aircraft

lessors.

The deal will expand the portfolio of SMBC Aviation Capital,

one of the world's top lessors, and put the combined company in

closer contention with AerCap ( AER ).

AerCap ( AER ) is largest lessor in the industry. Its $30 billion

acquisition of GE Capital Aviation Services in 2021 helped it

cement the position.

Air Lease ( AL ) shareholders will receive $65 in cash for each

Class A common share they hold, a 7.9% premium to the company's

last closing price.

Shares of Air Lease ( AL ) were up about 7% in premarket trading.

The deal, expected to close in the first half of 2026,

values the aircraft lessor at about $28.2 billion, including

debt.

"As one of the most well-regarded leasing platforms, with a

portfolio focused on liquid, in demand, new tech aircraft, Air

Lease ( AL ) presents an attractive opportunity for the co-investor,"

said Peter Barrett, CEO of SMBC Aviation Capital.

The deal will merge Air Lease's ( AL ) global platform with SMBC

Aviation's financing power.

Sumitomo ( SSUMF ) said the transaction will also expand its aircraft

leasing business in scale and profitability, positioning it

among the world's largest owners and managers of aircraft.

SMBC Aviation Capital is being advised by Citigroup and

Goldman Sachs, while J.P. Morgan Securities is advising Air

Lease ( AL ).

(Reporting by Abhinav Parmar, Nathan Gomes and Anshuman

Tripathy in Bengaluru; Editing by Shreya Biswas and Shinjini

Ganguli)