Avolon Holdings, the aircraft leasing company controlled by China’s HNA Group, has agreed to pay $10bn for the rival leasing arm of US-based CIT Group, in a deal that will double the buyer’s size and push it to number three in the industry.
Its deal for CIT raises the value of mergers and acquisitions involving HNA businesses to at least $27bn in the past two years.
Following the transaction, Avolon will more than double its fleet from 432 to 910 aircraft, valued at $43bn, the company said. It will finance the acquisition with $8.5bn in debt, $3bn in new equity from its parent Bohai Capital Holding, as well as with its own cash.
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