Aircraft leasing firm Air Lease , founded by industry mogul Steven Udvar-Házy, agreed to sell itself in a deal that would take it private to a group of investors for $7.4 billion, ushering in more consolidation in the airplane-renting business.

The planned acquisition, announced Tuesday, was led by Japan's Sumitomo and SMBC Aviation Capital, and also includes asset managers Apollo and Brookfield. Shareholders in Los Angeles-based Air Lease would receive $65 per share, a nearly 8% premium to Friday's close. Including debt, the investors are valuing the company at about $28.2 billion.

Lessors rent aircraft to airlines, helping those carriers conserve cash they'd otherwise have to use to buy planes that can cost more than $100 million apiece at list prices. A shortage of

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