HNA's Avolon group to acquire CIT Commercial Air, creating world’s third largest aircraft lessor

HNA Group's remarkable spending spree continues, with the announcement that its Avolon subsidiary will acquire CIT Commercial Air, the aircraft leasing arm of CIT Group.

The USD10 billion deal will create the world's third largest lessor - and they may be more to come yet.

Avolon itself was only recently acquired by HNA Group, with the USD2.7 billion purchase agreement being finalised in Jan-2016, via Bohai Capital Holdings.

Avolon is now the core aircraft leasing brand for the HNA Group. Including assets from Hong Kong Aviation Capital, Bohai Capital and several smaller HNA Group leasing firms, Avolon has a fleet of nearly 250 aircraft and almost 200 more on order.