M&A Deal Summary

Avolon Holdings Acquires CIT Commercial Air

On October 6, 2016, Avolon Holdings acquired airliner CIT Commercial Air from CIT

Acquisition Highlights
  • This is Avolon Holdings’ 1st transaction in the Airlines sector.
  • This is Avolon Holdings’ 1st transaction in the United States.
  • This is Avolon Holdings’ 1st transaction in New Jersey.

M&A Deal Summary
Date 2016-10-06
Target CIT Commercial Air
Sector Airlines
Buyer(s) Avolon Holdings
Sellers(s) CIT
Deal Type Divestiture

Target

CIT Commercial Air

Livingston, New Jersey, United States
CIT Commercial Air is an owns, finances and manages a fleet of more than 350 commercial aircraft serving approximately 100 customers in 50 countries. We create commercial aircraft financing solutions that help airlines and financial institutions succeed.

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Buyer(S) 1

Buyer

Avolon Holdings

Dublin, Ireland
Category Company
Founded 2010
Sector Aerospace
Employees62
Revenue 606M USD (2014)
DESCRIPTION

Avolon Holdings Ltd. is a provider of aircraft leasing and lease management services to airlines and aircraft investors worldwide. Avolon Holdings was formed in 2010 and is based in Dublin.

DEAL STATS #
Overall 1 of 1
Sector (Airlines) 1 of 1
Type (Divestiture) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 1 of 1
Year (2016) 1 of 1

Seller(S) 1

SELLER

CIT

New York, New York, United States
Category Company
Founded 1908
Sector Financial Services
Employees4,085
Revenue 2.4B USD (2020)
DESCRIPTION

CIT is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT was founded in 1908 and is based in New York city.

DEAL STATS #
Overall 3 of 5
Sector (Airlines) 1 of 1
Type (Divestiture) 3 of 5
State (New Jersey) 1 of 1
Country (United States) 1 of 2
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-03 OneWest Bank

Pasadena, California, United States

OneWest Bank is a provider of financial services.

Buy $3.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-01 CIT Rail Holdings SAS

Paris, France

CIT Rail Holdings (Europe) SAS is a provider of leasing services in Europe. CIT Rail is based in Paris, France.

Sell -
Mergr

Product

Company

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