Avolon snaps up CIT Group’s aviation leasing business
05 / 04 / 2017
Avolon Holdings, the Ireland-based international aircraft leasing company, has announced the completion of its acquisition of the aircraft leasing business of CIT Group Inc.
The deal doubles Avolon’s size and creates the world’s third largest aircraft leasing platform.
Avolon now serves 149 customers in 62 countries.
The combined business had an owned fleet of 551 aircraft as of 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, Avolon declared.
It has total orders and commitments for 301 aircraft, include 282 what it describes as “new technology aircraft”, comprising: 196 Airbus aircraft (A320neo family, A330neo and A350 aircraft), 61 Boeing 737 MAX aircraft and 25 B787 aircraft.
Avolon chief executive Dómhnal Slattery observed: “We have acquired an excellent franchise with a stellar reputation in the market.”
Now, “Our immediate priority is to integrate the businesses under the Avolon brand.”
Headquartered in Ireland, with offices in the US, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services.
It is a wholly-owned, indirect subsidiary of Bohai Capital Holding Co, a Chinese public company listed on the Shenzhen Stock Exchange.