Aircraft lessor to buy 118 aircraft with purchase of Castlelake Aviation Limited
Avolon has agreed terms to buy a portfolio of 118 planes from investment manager Castlelake, in a deal worth more than €1 billion.
Avolon will pay about $1.2 billion for the aircraft portfolio, Avolon’s Chinese parent company, Bohai Leasing, said in separate filing. “This transaction accelerates our growth plans adding a portfolio of assets that will further strengthen our cash flow and earnings profile,” Avolon chief executive Andy Cronin said. “They are complementary to our existing portfolio and will increase our fleet at attractive yields, supporting our positive ratings trajectory.”
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