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    8002   JP3877600001

MARUBENI CORPORATION

(8002)
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Aircraft lessor Aircastle to be bought in $2.4 billion deal

11/06/2019 | 08:23am EST
FILE PHOTO: Logo of Marubeni Corp is seen at the company headquarters in Tokyo

Aircastle Ltd said on Wednesday Japan's Marubeni Corp and Mizuho Leasing Co Ltd had offered to buy the aircraft lessor in a deal valued at $2.4 billion, ending a nearly two-week long strategic review of its business.

Shares of the company rose 16% to trade in line with the offer price of $32 per share. Marubeni, the company's largest shareholder, has a 29% stake in Aircastle as of Oct. 23 that is currently valued at about $600 million.

Aircastle, which owned and managed 277 aircraft in 48 countries as of Sept. 30, counts American Airlines, Southwest Airlines and United Airlines among its customers.

Airline bankruptcies have increased this year at the fastest ever rate, led by the collapse of India's Jet Airways, British travel group Thomas Cook and Avianca of Brazil, adding pressure on aircraft leasing companies.

Fitch Ratings said in September that it expects the sector to worsen in the medium term with a potential rise in airline bankruptcies, further aircraft repossessions and increased financing costs. (http://bit.ly/2qrjaG5)

The deal, which is valued at $7.4 billion including debt, is expected to close in the first half of 2020, Aircastle said.

Citigroup Global Markets Inc will serve as financial adviser to Aircastle.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli and Anil D'Silva)

Stocks treated in this article : Marubeni Corporation, Mizuho Leasing Company, Limited

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -4.31% 1 End-of-day quote.-35.90%
AT HOME GROUP INC. -0.08% 36.99 End-of-day quote.0.00%
CITIGROUP INC. -2.65% 65.5 Delayed Quote.6.23%
MARUBENI CORPORATION -2.72% 1054 End-of-day quote.53.62%
MIZUHO LEASING COMPANY, LIMITED -0.48% 3090 End-of-day quote.-0.48%
All news about MARUBENI CORPORATION
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11/10Marubeni Signs Memorandum of Understanding for Decarbonisation through Floating Offshor..
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11/07Alcoa to restart long idled capacity at Australian aluminium smelter
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11/05Japan's trading houses serve up buffet of record earnings
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11/04Sumitomo notches record profit on higher commodity prices, ups annual outlook
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11/03Marubeni Unit Strikes Deal for Sale of Oil and Gas Subsidiary in UK
MT
11/02Energy & Sustainability Client Feature — Marubeni Corporation
AQ
11/02Mitsui lifts profit estimate on solid demand in auto and shipping
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11/02Marubeni ups annual profit forecast by 52% on higher metal prices
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More news
Analyst Recommendations on MARUBENI CORPORATION
More recommendations
Financials
Sales 2022 8 213 B 72 391 M 72 391 M
Net income 2022 366 B 3 222 M 3 222 M
Net Debt 2022 1 739 B 15 327 M 15 327 M
P/E ratio 2022 5,02x
Yield 2022 5,00%
Capitalization 1 831 B 16 154 M 16 139 M
EV / Sales 2022 0,43x
EV / Sales 2023 0,47x
Nbr of Employees 42 882
Free-Float 97,2%
Chart MARUBENI CORPORATION
Duration : Period :
Marubeni Corporation Technical Analysis Chart | 8002 | JP3877600001 | MarketScreener
Technical analysis trends MARUBENI CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 1 054,00 JPY
Average target price 1 152,00 JPY
Spread / Average Target 9,30%
EPS Revisions
Managers and Directors
Masumi Kakinoki President, CEO & Representative Director
Takayuki Furuya CFO, Representative Director & Head-IR
Fumiya Kokubu Chairman
Mutsumi Ishizuki Representative Director & Chief Compliance Officer
Takao Kitabata Independent Outside Director
Sector and Competitors
1st jan.Capi. (M$)
MARUBENI CORPORATION53.62%16 154
MITSUBISHI CORPORATION38.33%45 781
ITOCHU CORPORATION13.26%44 374
MITSUI & CO., LTD.41.97%38 611
ADANI ENTERPRISES LIMITED248.55%26 029
SUMITOMO CORPORATION19.99%18 183