Avolon doubles its aircraft fleet after $10bn CIT deal
Irish-based, Chinese-owned lessor is now the world’s third-biggest aviation financier
Avolon said its fleet of owned and managed aircraft stood at 565, more than twice the 223 it had a year ago. Photograph: Dan Kitwood/Getty Images
Aviation lessor Avolon had 565 aircraft on its books following its $10 billion purchase of rival CIT at the beginning of the month.
In a quarterly update, the Irish-based, Chinese-owned leasing operation said that its fleet of owned and managed aircraft stood at 565, more than twice the 223 it had a year ago.
Including planes that it had committed to buying, the figure rose to 850, compared with 402 last year. Airline customers rose to 150 from 67.
Avolon bought CIT’s aircraft leasing arm for $10 billion on April 4th, transforming it into the world’s third-largest aviation financier.
The company borrowed $8.5 billion from banks and bondholders to pay for the acquisition.