Carlyle Aviation, a commercial aviation investment and servicing arm of Carlyle, completed the acquisition of Fly Leasing, an aircraft leasing investment company, from BBAM, Fly's manager and servicer, for $2.4bn. "This transaction represents strong value for FLY shareholders at a time when airlines are facing an extremely difficult environment and smaller aircraft lessors are disadvantaged in the debt markets. After a thorough review and evaluation of its options, FLY's Board of Directors enthusiastically recommends this transaction to its shareholders," Colm Barrington, FLY CEO.