Avolon will acquire the aircraft leasing arm of the CIT Group, CIT Leasing.

The Dublin-based aircraft lessor announced that subject to closing conditions and regulatory approvals, the deal will close in the first quarter of 2017.

The deal will see Avolon gain control of 334 aircraft owned and managed by CIT, in addition to 133 on order and committed

According to Avolon, the acquisition will expand its customer base to 154 customers in 61 countries, and boost its global reach.

Avolon said: “Combined business will have approximately one third of in-service aircraft leased into each of the Americas, EMEA, and Asia-Pacific regions, providing balanced geographic exposure.”

The combined owned, managed and committed fleet consists of 910 aircraft with a valuation of over $43bn (€39.2m), according to Avolon.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Dómhnal Slattery, chief executive officer of Avolon, said: “We are delighted to announce an agreement to acquire the CIT aircraft leasing platform. It is a strong business with an excellent reputation in the market.

“We look forward to continuing to drive the disciplined growth of the business in the years ahead.”