Avolon closes CIT deal
Avolon has closed its $10.38 billion acquisition of the aircraft leasing business of CIT Group, encompassing approximately 320 aircraft, of which some 72 per cent are in-production narrowbodies. The price represents represents a 6.7% premium on the net assets of $9.4 billion. Avolon said the transaction gives it an owned fleet of 551 aircraft at end December last year, with an average aircraft age of 4.7 years. The combined business serves 149 customers in 62 countries with approximately one third of in-service aircraft leased 
into each of the Americas, EMEA and Asia-Pacific regions.

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