CIC teams up with AVIC to bid for Avolon
Print Edition
CHINA’S US$653 billion sovereign wealth fund, China Investment Corp, is in talks to buy Dublin-based aircraft leasing firm Avolon for US$4 billion to US$5 billion including debt, according to people familiar with the matter.
CIC is teamed up with Aviation Industry Corp of China (AVIC), a state-owned aerospace and defense company, in its bid for Avolon, which provides aircraft leasing and lease management services to airlines and aircraft investors, one of the people said.
The buyer group has been working on a potential acquisition of Avolon for the past several months but any deal is still months away, the people said, asking not to be named because the discussions are confidential.
Private equity-owned Avolon is estimated to have an equity value of around US$2.5 billion, the people said. Including debt, the proposed deal could have an enterprise value of US$4 billion to US$5 billion, they added.
The discussions with CIC come as Avolon is simultaneously pursuing an initial public offering, in a bet that yield-hungry investors eying growing demand for air travel would sustain a recent boom in aircraft finance.
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