Weil Advises Avolon Holdings and Bohai Capital in $2.2B Sale of a Stake in Avolon to ORIX Aviation Systems

Weil is advising Avolon Holdings Limited, an international aircraft leasing company, and Bohai Capital in Bohai’s agreement to sell 30% stake in Avolon to ORIX Aviation Systems for $2.2 billion — the transaction implies an Avolon enterprise value of nearly $24 billion. The transaction is expected to close in the fourth quarter of 2018 and is subject to customary closing conditions and Bohai shareholder approval. Bohai’s largest shareholder, HNA Group, has provided its commitment to the transaction.

Weil previously advised Oak Hill Advisors in, together with other investors, a $250 million investment in Avolon in 2011. In 2014, Weil advised Avolon (at the time a portfolio company of Cinven Partners, CVC Capital Partners and Oak Hill Capital Partners) in its $273 million initial public offering; in 2015 advised Avolon in its $7.6 billion sale to Bohai Leasing Co., Ltd. (n/k/a Bohai Financial Investment Holding Co., Ltd.); and in 2016 advised Avolon in its $10 billion acquisition of the aircraft leasing business of CIT Group Inc.

The Weil team advising Avolon is led by Private Equity Co-Head Douglas Warner and includes Private Equity associates Philip Wolf, Damian Petrovic, Adam Borenstein and Boyuan (Julian) Zhong; Banking & Finance partner Andrew Yoon; Banking & Finance counsel Brian Drozda; Antitrust/Competition counsel Vadim Brusser; and Banking & Finance associate Dylan Scher. The London team is led by Private Equity partner James Harvey and includes Private Equity associates Alexander Hasek and Grace Smith; Tax partner Oliver Walker; and Tax associate Ellie Marques.