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.”