CIT Group Inc. (NYSE: CIT) has reached an agreement to sell its 30% ownership stake in the commercial aircraft leasing joint ventures TC-CIT Aviation Ireland and TC-CIT Aviation US, Inc. to its joint venture partner Tokyo Century Corporation (TC), the company said.
The share purchase is expected to close on or prior to March 31, 2017, subject to the satisfaction of customary closing conditions. Following this transaction, TC will be the sole owner of the entities.
In October 2016 the company announced a definitive agreement to sell CIT Commercial Air, its commercial aircraft leasing business, to Avolon Holdings Limited, the international aircraft leasing company and a wholly-owned subsidiary of Bohai Capital Holding Co. Ltd.
The TC-CIT joint ventures were established in October 2014 through a 70% equity contribution by TC and 30% equity contribution by CIT. The TC-CIT joint ventures were excluded from the sale to Avolon.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than USD 65bn in assets. Its principal bank subsidiary, CIT Bank, N.A., has more than USD 30bn of deposits and more than USD 40bn of assets. It provides financing, leasing, and advisory services principally to middle-market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.