PIF's AviLease acquires Standard Chartered’s aircraft leasing business

Saudi Arabia's AviLease, the aircraft lessor wholly owned by the Public Investment Fund (PIF), said it completed the acquisition of Standard Chartered’s aircraft leasing business for $3.6 billion.

The transaction boosts AviLease's position in the global aircraft leasing industry, as well as accelerates the expansion of its fleet, which proves the company's ability to implement its strategy, the Riyadh-headquartered Avilease said in a statement.

With this acquisition, the combined business now owns and manages 167 latest technology, fuel efficient aircraft leased to 46 airlines worldwide.

AviLease, which announced the transaction in August this year, said the deal which comprised bridge financing of $2.1 billion was supported by 10 banks. They are: Al Ahli Bank of Kuwait, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho Bank, Natixis, Standard Chartered Bank, BNP Paribas, Citibank N.A., HSBC Bank Middle East and MUFG Bank.

In August, AviLease signed an agreement to purchase the aircraft leasing business of Standard Chartered for $3.6 billion (nearly SAR 13.5 billion), according to data available with Argaam.

Source : Argaam