AviLease, a jet lessor owned by Saudi Arabia’s Public Investment Fund, has signed an agreement to acquire an aviation finance business from Standard Chartered Plc for $3.6 billion.
(Bloomberg) — AviLease, a jet lessor owned by Saudi Arabia’s Public Investment Fund, has signed an agreement to acquire an aviation finance business from Standard Chartered Plc for $3.6 billion.
As part of the deal, AviLease will acquire a portfolio of 100 narrowbody aircraft and become servicer for another 22 jets. The combined platform will own and manage 167 planes.
Bloomberg News reported in June that the firms were in advanced talks over a deal.
AviLease is among a number of companies the Saudi sovereign wealth fund has bankrolled as it pushes deeper into sectors from sports to tourism through a series of high-profile acquisitions.
The transaction is expected to close in the fourth quarter.
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