Irish aircraft leasing group Avolon says it has raised $650m (€490m) and agreed to buy 11 planes.
The latest fund-raising includes a $250m equity investment from funds managed by existing and new investors. The existing investors include Cinven, CVC Capital Partners and Oak Hill Capital Partners. In addition, $400m has been provided by three European aviation finance banks.
Avolon also said it was buying 11 aircraft from four airlines, bringing its fleet above 60. The funds raised today will be used to continue the expansion of its fleet.
Avolon CEO Dómhnal Slattery says the company now has 40 plans on lease to a number of airlines.
