News
Avolon sells 30% holding to Japan’s ORIX
August 10th 2018
Japan’s ORIX Corporation this week announced it would pay US$2.2 billion to acquire 30% of aircraft lessor, Avolon, from Bohai Capital. Read More » The transaction is subject to customary closing conditions and Bohai shareholder approval. Bohai’s largest shareholder is China’s cash-strapped HNA Group. If approved, the deal will provide the conglomerate with much needed funds to service its near-term debt obligations.
For the 12 months to March 31, this year ORIX reported revenues of US$25.6 billion and net income of US$2.8 billion.
Avolon CEO, Dómhnal Slattery, said: “ORIX is a strong, investment grade institution with a proven track record in the leasing sector over multiple industry cycles. We are delighted to welcome ORIX as a shareholder alongside Bohai. This transaction builds on this team’s track record of partnering with leading global financial institutions as shareholders. We will benefit from ORIX’s experience and relationships as we continue to build Avolon’s financial strength and industry franchise.
