Avolon said Wednesday that it has purchased two A320 aircraft for delivery to Etihad Airways, the national airline of the United Arab Emirates. The acquisition was part of a sale and leaseback transaction financed by Abu Dhabi National Leasing. No financial terms were disclosed. Headquartered in Ireland, Avolon is a provider of aircraft leasing and lease management services. It is backed by Cinven, CVC Capital Partners and Oak Hill Capital Partners.
DUBLIN–(BUSINESS WIRE)–Avolon, the international aircraft leasing group, today announces that it has acquired two A320 aircraft for delivery to Etihad Airways, the leading international airline, as part of a sale and leaseback transaction, financed by Abu Dhabi National Leasing. The first of the two aircraft has now delivered. The second is scheduled for delivery in December.
Avolon is an established, international aircraft leasing firm with a growing global customer base of 37 airlines in 24 countries with a committed fleet of 179 aircraft and the youngest large lessor fleet in the world.
This transaction is Avolon’s first transaction with both Etihad Airways and Abu Dhabi National Leasing and forms an important part of Avolon’s strategic expansion in the Middle East.
Etihad Airways, the national airline of the United Arab Emirates, has in just eight years, established itself as one of world’s leading airlines. Etihad has a current fleet of 66 aircraft and operates more than 1,000 flights per week, serving an international network of destinations in the Middle East, Africa, Europe, Asia, Australia and North America.
Abu Dhabi National Leasing
Abu Dhabi National Leasing (”ADNL”) is the asset financing and leasing subsidiary of National Bank of Abu Dhabi. Established is 2003, ADNL has grown into a leading asset financing company in the UAE offering asset financing and leasing solutions and services to local and regional companies. The current aviation asset portfolio of ADNL consists of wide body commercial aircraft, private jet, rotor-wing aircraft, spare engines and aircraft components.
Ranga Karumbunathan, Managing Director Origination, Avolon, commented:
“Etihad has selected Avolon as a partner in its fleet development plans and our team has a proven track record in structuring innovative sale and leaseback financings. We look forward to further developing our relationship with both Etihad and Abu Dhabi National Leasing. This is our third transaction in the Middle East and we are focused on further expanding our presence in the region.”
James Rigney, Chief Financial Officer, Etihad Airways, commented:
“In a rapidly evolving market, having a flexible and reliable partner to work on fleet financing solutions is important. We are pleased to have completed this transaction with Avolon and Abu Dhabi National Leasing to finance two of our Airbus aircraft. This is our first delivery from Avolon and we look forward to working with them in the future as we continue to grow and provide our customers with a superior travel experience.”
Yousef Abdulla Yousef, Managing Director, Abu Dhabi National Leasing, commented:
“This is an important milestone for Abu Dhabi National Leasing to collaborate with Avolon Aerospace Leasing in financing two A320-200 aircraft for Etihad Airways on sale and leaseback. We are thrilled to have Etihad Airways and Avolon as partners in this transaction and are excited to expand our relationship through other transactions in our shared mandate to establish Abu Dhabi as global aerospace hub.”
Headquartered in Ireland, with offices in Stamford CT, Hong Kong, Shanghai, Singapore and Dubai, Avolon provides aircraft leasing and lease management services. Avolon’s investors include three of the world’s leading private equity firms Cinven, CVC Capital Partners and Oak Hill Capital Partners and one of the world’s leading sovereign wealth funds, Government of Singapore Investment Corporation (GIC). Avolon has a committed fleet of 179 aircraft serving 37 customers in 24 countries. See www.avolon.aero.