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Avolon To Acquire Aircraft Leasing Arm Of CIT

Avolon Holdings has reached an agreement to acquire the aircraft leasing business of CIT Group for around $10bn. The transaction, subject to closing conditions and regulatory approval, is expected to be completed by Q1 2017.

Once finalised, the acquisition of CIT by Bohai Capital subsidiary Avolon and CIT will create a the world’s third largest leasing business with a fleet of 910 aircraft valued at more than $43bn.

CIT will contribute 334 owned and managed aircraft to the overall figure, with 133 aircraft on order or committed.

Avolon was acquired by Bohai in September 2015 for $7.6bn and the Chinese firm has looked to further grow its presence in the aircraft leasing market.

Chris Jin, CEO of Bohai, said: “The Avolon team has already delivered remarkable growth in building a new platform into a leading industry franchise. They are now taking a further exciting step towards our collective goal to become a true global leader in transport finance.”

TAGS: Europe
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