Ireland-based Avolon Holdings has completed the acquisition of aircraft leasing business of CIT Group for $10.38bn, becoming the third largest aircraft lessor in the world.
Announced last October, the deal has doubled Avolon’s size, with a mixed fleet of 868 aircraft worth more than $43bn at the end of last year.
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The newly combined entity now caters to 149 customers in 62 countries.
Approximately one-third of the company’s in-service aircraft are currently leased into each of the Americas, Europe, the Middle East and Africa (EMEA) and Asia-Pacific regions.
The company has total orders and commitments for 301 aircraft, which include 196 Airbus aircraft such as A320neo family, A330neo and A350; 61 Boeing 737 MAX aircraft; and 25 Boeing 787s.
Avolon CEO Dómhnal Slattery said: “We have acquired an excellent franchise with a stellar reputation in the market. Our immediate priority is to integrate the businesses under the Avolon brand.
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By GlobalData“We would also like to acknowledge the contribution of Jeff Knittel and Tony Diaz in building the CIT aircraft leasing franchise and wish them well in their future endeavours.”
The company is a wholly owned, indirect subsidiary of Chinese equipment and transportation asset leasing company Bohai Capital Holding, and has offices in the US, the UAE, Singapore and China.
