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.

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.”