Shenzen listed Chinese firm Bohai Leasing, which owns a portfolio of world class equipment and transportation asset leasing companies, has entered into an agreement to buy the Dublin based international aircraft leasing company Avolon.
With its headquarters in Ireland and with offices in the United States, Dubai, Singapore and China, Avolon provides aircraft leasing and lease management services. The group, which is listed on the New York Stock Exchange, has an owned, managed and committed fleet of 260 aircraft serving 56 customers in 33 countries.
Chris Jin, CEO of Bohai said, “Avolon is a leader in the aircraft leasing industry with a proven team and platform. We are delighted to announce this agreement to acquire the business. Our vision at Bohai is to build each of our transportation finance businesses into global leaders. Avolon has delivered remarkable growth over the past 5 years to become a leading industry franchise with a distinct business model, and the company is a strong complement to our existing investment in the aircraft leasing sector.”
The $7.6 billion purchase price is guaranteed by HNA Group. The Transaction is expected to close by the first quarter of 2016. HNA Group, the parent company of China’s privately-owned Hainan Airlines, was also in the news last week when it purchased 30 South Colonnade at Canary Wharf Thomson Reuters European headquarters building.
