Los Angeles billionaire Steven
Udvar-Házy’s new jet leasing company, Air Lease Corporation, aims
to raise $100m in an initial public stock offering.
Udvar-Házy’s company said it
planned to use the money to acquire commercial aircraft and for
general corporate purposes.
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Udvar-Házy stepped down as the
chief executive of International Lease Finance Corp (ILFC), the
company he co-founded, in early 2010. He set up Air Lease Corp
(ALC) shortly afterwards.
He is expected to grow the new
company’s fleet to as many as 500 planes in five years. ALC had
acquired 40 aircraft at 31 December 2010, and has announced deals
to buy 144 new aircraft up to 2017. It is leasing planes to 25
airlines in 15 countries.
Udvar-Házy is credited with
pioneering the concept of leasing passenger jets in the 1970s and
has worked with almost every major airline. He sold ILFC to
insurance giant American International Group in 1990, but continued
to run the company until his departure last year.
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