Aircraft lessor Avolon confirmed the completion of its merger agreement with China’s Bohai Leasing on Friday (January 8).
Following the completion of the deal, Dublin-based Avolon will now become a wholly-owned subsidiary of Bohai and the core leasing firm for its parent company HNA Group.
In the statement, Avolon confirmed it plans to remain headquartered in Ireland while retaining its existing management structure.
Avolon will also assume management of the Hong Kong Aviation Capital (HKAC) business, another Bohai subsidiary. Avolon currently manages a fleet of 420 aircraft worth $22bn with an average age of 3.2 years.