Deal focus: Chinese strategic snares Avolon
An acquisition by an Asian strategic player was always a likely outcome for aircraft leasing business Avolon. Japanese groups have completed a couple of deals in the space in recent years, while HNA Group – which has agreed to buy Avolon at an enterprise valuation of $7.6 billion – is not the first Chinese player to target the company.
AVIC Capital, a subsidiary of Aviation Industry Corporation of China, and China Investment Corporation saw their offer for Avolon rebuffed last year as shareholders opted for an IPO instead. Cinven, CVC...
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