SINGAPORE/NEW YORK/BENGALURU (Oct 6): Avolon Holdings Ltd, part of China's acquisitive HNA Group, said on Thursday it agreed to buy the aircraft leasing business of CIT Group Inc for US$10 billion to create the world's third-largest aircraft leasing company. Avolon said it will pay US$10 billion for the US$9.4 billion net asset value of CIT Group's leasing unit, representing a premium of 6.7%. CIT Group's shares were up 7.58% at US$39.16 in extended trading. According to people familiar with the matter, Hudson was among the investors pressing CIT Group to sell off the aircraft leasing arm. CIT Group's aircraft leasing business had total assets of US$11.1 billion and liabilities of US$1.7 billion as of June 30.

Source: The Edge Markets October 07, 2016 04:52 UTC