HNA's $2.5b Avolon purchase reprices sector

Irish aircraft lessor Avolon gets snapped up at an attractive valuation underscoring China's growing appetite for M&A within the global jet leasing sector.

Bohai Leasing, a subsidiary of the Chinese airline-to-logistic conglomerate HNA Group, has agreed to pay $2.51 billion to snap up Irish aircraft lessor Avolon in a deal at a valuation that underscores China’s growing appetite for acquisitions within the global jet leasing sector and raises the bar for future deals in the sector.

China’s only A-share listed aircraft leasing company will pay $31 in cash for each of all the outstanding common shares of New York Stock Exchange-listed Avolon, the companies said on Thursday.

Apart from the steep valuation the deal was remarkable for the unusual competition between two Chinese companies bidding for the same asset,...

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