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Commission Decision No. 34-M-032/2018: Acquisition by ORIX Aviation Systems Limited of Shares in Avolon Holdings Limited
Commission Decision No. 34-M-032/2018:
Acquisition by ORIX Aviation Systems Limited of Shares in Avolon Holdings Limited
ABSTRACT:
The proposed transaction involves the acquisition by ORIX Aviation Systems Limited (OAS) of Avolon Holdings Limited where under the terms of the Share Purchase Agreement signed on 8 August 2018 between, among others, OAS and Avolon’s trust Bohai Capital Holding Co. Ltd., OAS will acquire an equity stake of 30% in Avolon, with Bohai retaining the remaining 70% in Avolon.
OAS is a wholly owned subsidiary of the ORIX Corporation, a Japan-based public company listed on the Tokyo Stock Exchange and the New York Stock Exchange that Japan-based financial services group providing a diverse portfolio of financial services. OAS is headquartered in Dublin, Ireland, and has a subsidiary in Hong Kong. It is an investor and aircraft asset manager focused primarily on aircraft trading opportunities in the aircraft leasing and aircraft asset management space.
On the other hand, Avolon Holdings Limited (Avolon) is an aircraft leasing company focused on acquiring, managing and selling commercial aircraft. It is headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai. Avolon is a wholly-owned, indirect subsidiary of Bohai, a public company listed on the Shenzhen Stock Exchange and a controlled subsidiary of HNA Group, a Chinese conglomerate. Avolon’s strategy is to build and maintain a portfolio of young, modern, fuel-efficient commercial aircraft while seeking to maximize long-term earnings growth and generate attractive risk-adjusted returns through the aviation industry cycle.