Avolon confirms CIT acquisition; today’s leasing market favours the bold

As reported here and everywhere else over the past 12 months, Avolon has confirmed its purchase of CIT Group. Along the way a spanner was thrown into the works for Avolon when a Japanese lessor expressed interest in part of the CIT portfolio with a very strong offer, this not only delayed the Avolon deal but also increased the price in the end. Avolon will acquire total assets of US$11.1 billion as of 30 June 2016 and associated liabilities of CIT Group. Avolon will pay US$10.0 billion, a premium of 6.7% to the 30 June 2016 net asset value (NAV)