Riyadh-based lessor will further diversify its portfolio
AviLease, the rising global aircraft lessor wholly owned by the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, recently announced today that it has entered into a definitive agreement to purchase the aircraft leasing business of Standard Chartered.
The acquisition will bring together two strategically complementary businesses, providing AviLease scale, global diversification and the opportunity to leverage Standard Chartered’s best-in-class team and operating capabilities.
As part of the US$ 3.6bn acquisition, AviLease will acquire a portfolio of 100 narrow body aircraft while also becoming servicer for another 22 aircraft. The combined platform will own and manage 167 of the latest technology, fuel efficient aircraft, consisting of 145 owned valued at around US$ 6bn and 22 managed aircraft valued at circa US$ 800mn leased, according to a press statement.
“This acquisition will propel AviLease and will in turn support Saudi Arabia’s aviation ecosystem, on our path to help realize the Saudi Vision 2030’s objective of diversifying the economy,” remarked Fahad Al-Saif, Chairman, AviLease.
“We are purchasing a very high-quality portfolio of narrow body aircraft on lease to top-tier airlines globally. The transaction accelerates the scale-up and lessee diversification of our fleet, demonstrating our ability to execute on our investment strategy,” commented Edward O’Byrne, CEO, AviLease.
“We are pleased to work with AviLease and to develop further the business for continued growth, and delivering on its ambition, to be a significant global player in the aviation leasing sector,” stated Simon Cooper, CEO, Corporate, Commercial & Institutional Banking, Europe & Americas, Standard Chartered.
