CIT reaches agreement to sell stake in TC-CIT Aviation joint ventures

CIT Group, a provider of commercial lending and leasing services, 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 U.S., to its joint venture partner Tokyo Century Corporation (TC). 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.