DUBLIN: China’s Bohai Leasing announced July 13 a plan to acquire a 20% stake in Ireland-based aircraft leasing company Avolon Holding, the National Business Daily reported.
According to Bohai Leasing, the company offered to buy the stake for US$428.63 million, or US$26 per share, making it the largest shareholder in the company.
However, the Chinese company will only acquire one of the 12 seats on the board of the New York-listed Irish company, the newspaper noted.
Based in Dublin, Avolon operates offices in China, Dubai, Singapore and the United States and runs both aircraft leasing and management businesses, the newspaper said.
The company posted net profits of US$91 million in 2014 and US$49.35 million during the first quarter of this year, the newspaper added.
The proposed deal, according to Bohai Leasing, will help improve its influence and market share in the global aircraft leasing market and profitability.
An analyst said Bohai Leasing has been seeking expansion abroad and has acquired quality assets that will allow the company to grow its sales team at home.
Bohai Leasing has been on a buying spree in both container leasing and aircraft leasing businesses abroad, the newspaper said.
The Chinese company has become the world’s largest lessor of containers, and is among the leading global aircraft leasing companies, the newspaper said.
