Transport

Bohai completes Avolon takeover

Irish company’s shares cease trading in New York

Ray Conner, president and chief executive officer of Boeing Commercial Airplanes, with Domhnal Slattery, chief executive officer of Avolon Leasing Group.

Barry O'Halloran
Fri Jan 8 2016 - 16:17

Chinese group Bohai has completed its $2.6 billion takeover of Irish aircraft lessor Avolon.

Bohai saw off another Chinese rival, Avic, in the race to buy the Dublin-based operator with a $31 a-share bid last September.

Avolon and Bohai completed the deal on Friday, January 8th, and the Irish company’s shares have ceased trading on the New York Stock Exchange.

As a result of the deal, Avolon will be the core aircraft leasing brand for Bohai, and its parent, HNA Group.

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It will take over management of another group subsidiary, Hong Kong Aviation Capital (HKAC).

Avolon’s owned, managed and committed fleet, at December 31st 2015, together with the HKAC fleet, comprises 420 aircraft with an average aircraft age of 3.2 years and a value of $22 billion serving 67 customers in 36 countries.

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