The order includes 100 A321neo aircraft from Airbus and 40 737-MAX aircraft from Boeing, with a delivery set for 2032.
Reuters has reported the deal with a $18bn listing price, which involves discounts due to the large order.
These orders, according to Avolon, reflected its confidence and long-term outlook for aviation and demonstrated “growth potential”.
Andy Cronin, CEO of Avolon, emphasised its long-standing relationship with the two aircraft manufacturing giants.
Cronin said: “We have committed to direct orders for 200 new, fuel-efficient aircraft this year, supporting the transformation of our fleet to lower emissions aircraft.
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“The scale of our orderbook reflects the strength of Avolon’s balance sheet, our proven ability to execute swiftly, and the longstanding relationships we have with both Airbus and Boeing.”
This agreement brings Avolon’s total order of the A321neo to 190 aircraft.
Christian Scherer, chief commercial officer at Airbus added: “This investment in the A321neo is a testimony by one of the world’s leading lessors to the unprecedented value the world’s most versatile single-aisle aircraft generates for its lessor and operator base.
“It points to Avolon’s vision to secure slots longer term for its strong airline customer portfolio with the right aircraft for the future. This way Avolon and its customers can benefit from the strong wave of growth and replacements being observed globally across all markets”.
Subject only to approval by the shareholders of Bohai Leasing Co, Avolon’s 70% stakeholder, the two orders form legally binding agreements.