Sunday 11 December 2016

Avolon to acquire 45 new aircraft, bringing total fleet to 443

Published 12/07/2016 | 08:53

Domhnal Slattery, Chief Executive of Avolon. Photo: Robbie Reynolds
Domhnal Slattery, Chief Executive of Avolon. Photo: Robbie Reynolds

Aircraft leasing firm Avolon is to acquire 45 new aircraft from GE Capital Aviation Services (GECAS), brining its total fleet up to 443.

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The new aircraft, which are due to be delivered to Avolon in the second half of 2016, are on lease to 29 airlines in 15 countries.

Avolon said the new portfolio is consistent with its current fleet, meaning they are young, modern, and fuel efficient. The acquisition also brings 15 new customers to the company.

In a trading update released to shareholders this morning, Avolon said it delivered 11 aircraft to seven customers in the second quarter of the year.

The firm also increased its committed debt facilities by around half a billion dollars, strengthening its balance sheet and adding extra liquidity for faster growth.

Year on year the company's fleet has grown in size by 70pc while their number of airline customers has increased by 52pc, up to 85.

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