Avolon, the international aircraft leasing company, announced the completion of the acquisition of the aircraft leasing business of CIT Group.
Avolon is now the world’s third largest aircraft leasing company with a combined fleet, as of 31 December, 2016, of 868 aircraft valued at over US$43 billion.
Transaction Highlights:
- Transaction doubles Avolon’s size and creates the world’s third largest aircraft leasing platform;
- Avolon now serves 149 customers in 62 countries with approximately one third of in-service aircraft leasedinto each of the Americas, EMEA and Asia-Pacific regions, providing balanced geographic exposure;
- The combined business had an owned fleet of 551 aircraft at 31 December 2016 with an average aircraft age of 4.7 years: the youngest owned, in-service fleet among the world’s top three aircraft leasing companies;
- Total orders and commitments for 301 aircraft include 282 new technology aircraft comprising: 196 Airbus aircraft (A320neo family, A330neo and A350); 61 Boeing 737 MAX aircraft; and 25 Boeing 787 aircraft.
The combined business is well capitalised to pursue further growth opportunities across multiple acquisition channels; Avolon’s balance sheet is strong with a long-term strategic shareholder committed to the sector.
Avolon CEO, Dómhnal Slattery, said:
“We are pleased to announce the completion of our acquisition of the CIT aircraft leasing platform. 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.”
“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.”