Bohai Leasing, a subsidiary of the giant Chinese aviation and shipping group, HNA, has acquired a 20 percent stake in Avolon Holdings for $429m.

Avolon, is a Dublin-based aircraft leasing company founded by aviation entrepreneur, Domhnall Slattery in 2009 and which floated on the New York Stock Exchange early last year.

The company which has a fleet of 260 aircraft on lease to 56 airlines worldwide, generated net income of $91m in 2014.

The investment by Bohai at a premium to the current Avolon share price, should further open the market for Avolon to Chinese airlines, where it’s estimated up to 6,000 new aircraft will be required over the next twenty years.

Dómhnal Slattery, who is the company's CEO, commented on the deal: "The acquisition of a 20 percent stake in Avolon by Bohai, at a premium to our current share price, reflects their confidence in the outlook for the sector, the attractiveness of the Avolon investment case and the strength of our global franchise."

He continues, "We are proud to welcome Bohai as a strategic investor in Avolon and look forward to developing our relationship with both Bohai and the broader HNA Group."

Mr Slattery recently joined Newstalk's Down to Business to discuss his career and the company's successful New York Stock Exchange IPO.