HNA Group unit taps MS, UBS for $10bn acquisition

Plane 230x150
By John Loh
07 Oct 2016

Avolon Holdings, indirectly owned by China’s HNA Group, has tapped Morgan Stanley and UBS to provide $8.5bn of debt for the acquisition of the aircraft leasing business of CIT Group.

An aircraft lessor under Bohai Capital Holding Co, Avolon will buy assets of $11.1bn and associated liabilities, for which it will pay $10bn, according to a statement from the company on October 7.

This is a premium of 6.7% to the target business’s net asset value of $9.4bn ...

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