Avolon Holdings $10 billion acquisition of CIT Group aircraft leasing unit

Overview:

• Avolon Holdings has acquired the aircraft leasing unit of US-based rival CIT Group in a $10 billion deal.
• Avolon is based in Ireland and owend by Chinese conglomerate HNA Group.
• The purchase makes Avolon the third-largest aircraft leasing company in the world.
• The acquisition financing will come from a combination of cash, debt, and new equity from HNA's Bohai Leasing.
• Avolon was itself purchased by a subsidiary of HNA in January of this year.
• The deal is expected to close by the first quarter of 2017.

Kurt Stumpo - Journalist