News
Avolon completes CIT acquisition
April 7th 2017
Avolon Holdings Limited has completed its US$10.4 billion acquisition of the aircraft leasing business of CIT Group. Following the transaction, Avolon became the world’s third largest aircraft lessor, after AerCap and GECAS, with a combined fleet of 868 aircraft, valued at more than US$43 billion at December 31, 2016. Read More » Avolon was acquired by HNA Group’s Bohai Leasing in January 2016 for US$7.6 billion.
Avolon serves 149 customers in 62 countries. Approximately one third of its in-service aircraft are leased into each of the Americas, EMEA and Asia-Pacific regions. It has orders and commitments for 196 Airbus and 86 Boeing aircraft.
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.”
This week Avolon delivered an A320ceo to Batik Air, the sixth Avolon aircraft on lease to the Indonesian full-service carrier. The Dublin-headquartered lessor also has signed up MIAT Mongolian Airlines for two B737 MAXs scheduled for delivery in early 2019.
Avolon rival, CDB Leasing, has delivered a ninth B737-800 to Jinan-based Air China protégé, Shandong Airlines. And in Hong Kong, China Aircraft Leasing Group (CALC) said on Monday it had ordered two more A320neos for delivery in the fourth quarter. CALC owns and manages 83 aircraft.
In Singapore, BOC Aviation has placed an order for two B747-8Fs as the Asia-Pacific cargo market continues its recovery.
