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Capping a record year of Chinese deal-making in the U.S., a consortium of state-owned and private investors is planning the biggest Chinese takeover of an American company: $4.2 billion for one of the world's largest aircraft leasing firms.
The deal to buy 80.1 percent of International Lease Finance Corp., a subsidiary of insurance giant American International Group Inc., followed a weekend auction in which another Chinese company bought three U.S. factories and other assets of electric-car battery like IBM ThinkPad T41 Battery, IBM 92P1089 Battery, IBM 92P1087 Battery, IBM 08K8196 Battery, IBM 92P1102 Battery, IBM 92P1077 Battery, IBM 92P1073 Battery, IBM 08K8199 Battery, IBM 08K8198 Battery, IBM 08K8197 Battery, IBM 92P1075 Battery, Lenovo ThinkPad W701 Battery maker A123 Systems Inc.
Chinese companies this year also have picked up AMC Entertainment, one of the largest movie theater chains in North America, as well as stakes in energy, real estate and other companies in service industries.
The deal for the aircraft leasing firm, which must be cleared by federal officials, is a likely harbinger of more and bigger deals to come and reflects the increasing sophistication of Chinese companies and their determination to expand into new markets and strengthen their technologies and global capabilities.
ILFC owns and manages a fleet of more than 1,000 aircraft. With plush headquarters in Century City, Calif., at Constellation Place, formerly known as MGM Tower, the company has relationships with nearly every major airline around the globe.
Industry experts said they didn't see any apparent grounds for the U.S. government to reject the sale of ILFC, which has been on the market for four years and has little in the way of sensitive technologies that would threaten U.S. competitiveness or national security.
Even so, with the Chinese ramping up their investments in the U.S., analysts suspect they will face greater political scrutiny as the Chinese make increasingly bold and diverse moves to deepen their footprint in the U.S.
Excluding the ILFC deal, which is not expected to close until spring, direct investments by Chinese companies in the U.S. are likely to reach $6.5 billion this year, which would break the previous record of $5.2 billion in 2010, according to Rhodium Group, which tracks Chinese investment.
"The air is thick with concerns over China playing a role in the American economy," said Tom Captain, principal and vice chairman of the aerospace and defense practice at financial advisory firm Deloitte. "There's always going to be a question of due diligence and suspicions about their motivations."
AIG, which disclosed the sale Sunday, said it and ILFC are consulting with all relevant U.S. regulatory agencies and intend to submit the deal for review by the Committee on Foreign Investment in the United States, which has considerable latitude in deciding which transactions to evaluate.
The committee, a Treasury Department-led group, reviews the assets and the detailed backgrounds of the buyers and considers the effect of such transactions on the national security.
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