Dublin-based aircraft leasing group, Avolon, is set to more than double in size following an agreement to acquire CIT Group.
The $10 billion purchase of its publicly-quoted US competitor will create the world's third-largest aircraft leasing business. AerCap Holdings and General Electric's Capital Aviation Services remain the world's two leading aircraft lessors.
Avolon was founded by Clare entrepreneur Dómhnal Slattery and was recently acquired by Bohai Capital and HNA of China. It is still managed out of the Irish capital.
The combined entity will boast a fleet of 910 aircraft and be valued at more than $43bn.
The deal for the $9.4bn net asset value of CIT Group's leasing unit represents a premium of 6.7%. It is expected to close in the first quarter of 2017. CIT Group's shares were up 7.58% at $39.16 in extended trading.
