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ORIX to buy 30% of Ireland-based Avolon for US$2.22B

Japan-based ORIX Corp. has agreed to acquire a 30% stake in Ireland-based aircraft leasing company Avolon Holdings Ltd. from Bohai Capital Holding Co. Ltd. for about US$2.22 billion.

The financial services firm, through its Irish unit ORIX Aviation Systems Ltd., will purchase 728,288 shares in Avolon from the leasing arm of Chinese conglomerate HNA Group Co. Ltd., according to an Aug. 8 filing.

ORIX said the acquisition will allow it to strengthen its access to the manufacturer order positions that Avolon holds, as well as to further boost its exposure to the aircraft leasing industry.

The transaction is expected to close in November, subject to necessary approvals and/or licenses.