Avolon acquires CIT Group aircraft leasing business for USD 10.38bn

Avolon Holdings Limited has completed the acquisition of the aircraft leasing business of CIT Group Inc. (NYSE: CIT), the company said.

With this transaction, Avolon is currently the world´s third largest aircraft leasing company with a combined fleet, as of 31 December, 2016, of 868 aircraft valued at over USD 43bn. The company now serves 149 customers in 62 countries with approximately one third of in-service aircraft leased into each of the Americas, EMEA, and Asia-Pacific regions, providing balanced geographic exposure.

Avolon´s financial advisors for the transaction were UBS Investment Bank and Morgan Stanley & Co. LLC. Weil, Gotshal & Manges LLP, Clifford Chance LLP and Maples and Calder acted as Avolon´s legal advisors. KPMG and E&Y also advised on the transaction.

Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. The company is a wholly-owned, indirect subsidiary of Bohai Capital Holding Co., Ltd.

Bohai Capital Holding Co., Ltd. is a Chinese public company that owns a portfolio of world class equipment and transportation asset leasing companies and is a majority controlled subsidiary of the HNA Group.