Dentons Advised Libra Group in Sale of LCI Stake to Sumitomo Mitsui Finance and Leasing

Dentons Advised Libra Group in Sale of LCI Stake to Sumitomo Mitsui Finance and Leasing

Libra Group has received legal counsel from Dentons, a global law firm, in the sale of 35 per cent ownership in its aviation division, LCI, to Sumitomo Mitsui Finance and Leasing Co., Ltd (SMFL).

Libra Group is a global business group with 30 operating entities that include 20 businesses specialising in aviation, renewable energy, maritime, real estate, hospitality, and diversified investments, as well as 10 social initiatives operated independently.

LCI, on the other hand, is a top aviation company in the commercial fixed-wing, helicopter, and advanced air mobility sectors. Established in 2004, LCI has completed about US $10 billion in aviation transactions and offers leasing services to operators, governments, and end-users.

Sumitomo Mitsui Finance and Leasing Co., Ltd (SMFL) has a history of over 50 years as a top-tier Japanese leasing company. It is a subsidiary of Sumitomo Mitsui Financial Group and offers a range of financial products and services, including aircraft and engine leases to the global aviation industry.

SMFL also provides asset-based finance, such as for real estate and energy facilities, along with other types of financial solutions.

LCI and SMFL initiated their first collaboration in 2020 by setting up a helicopter leasing joint venture (JV) of 19 next-generation helicopters with a total value of US $230 million. Following the successful launch, the JV has grown and currently owns a portfolio of over 50 aircraft worth more than US $550 million.

"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,” Darren Acres, UK Corporate partner at Dentons said.

Corporate partner Darren Acres and Asset Finance partner Sarah Dyke led the Dentons multi-practice team that advised the Libra Group and LCI.

Other members of the Dentons team included 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).