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Avolon raises e1.1bn

IRISH aircraft leasing group Avolon has raised €1.1bn. The capital injection includes an equity commitment of €595m from three of the world's leading private equity firms -- Cinven, CVC and Oak Hill Capital.

Avolon has executed contracts and letters of intent for the purchase of 26 aircraft. A number of other transactions are in advanced stages of discussion with airlines globally.

"Avolon has successfully attracted significant equity capital to develop the business into a global leader in aircraft leasing," said Avolon chairman Denis Nayden.