Avolon completes US$10.38bn acquisition of CIT Group aircraft leasing business

Avolon Holdings, the international aircraft leasing company, has completed the acquisition of the aircraft leasing business of CIT Group. Avolon is now the world’s third largest aircraft leasing company with a combined fleet, as of December 31, 2016, of 868 aircraft valued at over US$43bn. Avolon now serves 149 customers in 62 countries with approximately one third of in-service aircraft leased into each of the Americas, EMEA and Asia-Pacific regions, providing balanced geographic exposure. The combined business had an owned fleet of 551 aircraft at December 31, 2016, with an average aircraft age of 4.7 years: the youngest owned, in-service fleet among the world’s top three aircraft leasing companies. Total orders and commitments for 301 aircraft include 282 new technology aircraft comprising: 196 Airbus aircraft (A320neo family, A330neo and A350); 61 Boeing 737 MAX aircraft; and 25 Boeing 787 aircraft.