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Clifford Chance advises RBS on the sale of its Aviation Capital business for $7.3 billion

17 January 2012

Clifford Chance advises RBS on the sale of its Aviation Capital business for $7.3 billion

Leading international law firm Clifford Chance is advising long standing client The Royal Bank of Scotland Group plc on the sale of the RBS Aviation Capital business for $7.3 billion (£4.7 billion).

The RBS Aviation Capital business is being sold to Sumitomo Mitsui Banking Corporation following a highly competitive auction process. The sale, which is conditional on various anti-trust and regulatory approvals, is expected to complete no later than the end of Q3 2012.

RBS Aviation Capital is the world's fourth largest commercial jet aircraft operating lease company with a fleet of over 200 aircraft. The sale is the largest ever aircraft leasing company disposal.

Corporate partner David Pudge led the multi-disciplinary, multi-jurisdictional team with fellow corporate partners Joel Ziff and Simon Tinkler and senior associate Robert Hill and aircraft finance partner William Glaister and senior associate Paul Carrington. Expertise was also drawn from Jonathan Elman (Tax) and Greg Olsen (Anti-Trust) together with colleagues in many of our other practice areas and offices including New York, Tokyo, Sydney and Shanghai.

Mark Bailie who led the RBS team commented "The very high level of support provided by Clifford Chance allowed us to run a competitive process efficiently and very quickly.  The Clifford Chance team were very impressive under pressure and we are delighted with the outcome."

David Pudge, who led the Clifford Chance team said "We are delighted to have advised RBS on a deal of this scale in the current volatile market. The transaction is further evidence of our ability to support our clients in maximising value from competitive auction processes which are conducted against tight deadlines."