The Freshfields team advised on all aviation and asset financing aspects and was led by partner Rob Murphy

The combined aircraft fleet is valued at over US$43 billion

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Avolon Holdings Limited (‘Avolon’) on its agreement to acquire the aircraft leasing business of CIT Group Inc. (‘CIT’) for US$10 billion. Avolon is an international aircraft leasing company and wholly-owned subsidiary of Bohai Capital Holding Co., Ltd. which is the equipment and transportation lessor listed on the Shenzhen Stock Exchange.

Through this transaction, Avolon will acquire total assets, which were valued at US$11.1 billion as of 30 June 2016, and associated liabilities that will double the scale of its business and create the world’s third largest aircraft leasing platform. Avolon’s existing customer base will expand from 69 airlines in 20 countries to 154 customers in 61 countries, and it will have a combined aircraft fleet valued at over US$43 billion.

The transaction is subject to customary closing conditions and required regulatory approvals and is expected to close in the first quarter of 2017.

The Freshfields team advised on all aviation and asset financing aspects and was led by partner Rob Murphy, who was supported by Counsels Sam Tabak and Will Coleman, and Senior Associate Victoria Koob.