Davis Polk is advising BBAM Limited Partnership in connection with Onex Corporation’s acquisition of a 50% stake in BBAM for $165 million. Onex and BBAM have also committed to invest $25 million in the aggregate in newly issued shares of FLY Leasing Limited, a leading global lessor of commercial jet aircraft managed by BBAM. The BBAM investment is expected to close before the end of 2012.

BBAM is a leading player in commercial aircraft leasing, financing and management providing over 200 airline customers in more than 50 countries with fleet and financing solutions over its 20+ year history. In addition, BBAM provides asset management services to leasing companies, aviation investors and financial institutions covering more than 450 aircraft valued in excess of $13 billion. Onex is one of North America’s oldest private equity firms committed to acquiring and building high-quality businesses in partnership with talented management teams.

The Davis Polk corporate team includes partners John D. Amorosi and Daniel G. Kelly Jr. and associates James E. Elworth, Vincent T. Cannon, Jeffrey C. Lau and Samuel Burley. Partner Mary Conway and counsel Gregory T. Hannibal are providing tax advice. Partner Jean M. McLoughlin and associate Veronica M. Wissel are providing employee benefits advice. Members of the Davis Polk team are based in the New York and Menlo Park offices.

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