China's Bohai seals $7.6bn Avolon deal
Published 09/01/2016 | 02:30
China's Bohai Leasing has completed its acquisition of Dublin-based aircraft lessor Avolon.
The deal placed a $7.6bn enterprise value on the Irish business, which was co-founded in 2010 by chief executive Domhnal Slattery, chief financial officer Andy Cronin, and chief commercial officer John Higgins.
Avolon has about 144 owned aircraft and 10 managed aircraft in its fleet. It has about 104 aircraft on order. It floated on the New York Stock Exchange in December 2014 and its shares ceased trading following the takeover by Bohai, which is owned by China's HNA Group.
Having combined with HNA and Bohai's other leasing interests, the enlarged group is now the world's fourth largest aircraft lessor, with a fleet of about 500 jets.
Avolon will be the core aircraft leasing brand for Bohai Leasing and HNA, and assumes management of the Hong Kong Aviation Capital business, another Bohai subsidiary.
"The Avolon management team remains committed to the business and we see significant opportunities for growth under Bohai's ownership," said Mr Slattery. The group aims to become a top three player.