Finally, a sale. (Investments & Finance).

International Aircraft Investors announced it has agreed to be acquired by Jetscape Aviation Group Inc. IAI, an aircraft leasing firm in Torrance, said it had been looking to be acquired since March 2001. But it decided to re-evaluate its options after the terrorist attacks on Sept. 11. The company's stock closed at $5.20 on Sept. 10 but fell steadily after the markets re-opened and has never recovered.

Jetscape, a Ft. Lauderdale, Fla.-based aviation company, has agreed to pay $1.45 a share in cash, or $5.2 million, for IAI. The price represents a 37 percent premium to IAI's closing price of $1.06 the day the deal was announced. If the deal does not close by year-end, IAI agreed to lower the price to $1.10 a share to compensate for additional taxes.

Jetscape has agreed to keep all of IAI's eight employees under their existing contracts and will maintain the company's headquarters in Torrance. "We're taking the company private, we feel that is the best way for the company at this time," said John Evans, president of privately-held Jetscape and a former executive of Los Angeles commercial aircraft leasing firm International Lease Finance Corp. "It's a very challenging market currently."

Executives from IAI did not return telephone calls.