Avolon, the international aircraft leasing company, has announced that ORIX Corporation, through its wholly owned subsidiary ORIX Aviation Systems (ORIX Aviation), has entered into an agreement to acquire a 30% stake in Avolon from Bohai Capital (Bohai). The Transaction is subject to customary closing conditions and Bohai shareholder approval. Bohai’s largest shareholder, HNA Group, has provided its commitment to the Transaction. The Transaction is expected to complete in the fourth quarter of 2018.
‒ ORIX Aviation to acquire a 30% shareholding in Avolon for US$2.2 billion, based on March 31, 2018 NAV subject to customary closing adjustments
‒ Transaction implies an Avolon enterprise value of US$23.7 billion, as at March 31, 2018
‒ ORIX is rated A-/A3/A- by Fitch, Moody’s and S&P respectively. For the 12 months to March 31, 2018 ORIX reported revenue of US$25.6 billion and net income of US$2.8 billion.