PE Backers to Fully Exit Stake in Avolon via $7.6B Acquisition
September 08, 2015
Bohai Leasing (SHE: 000415) has agreed to acquire 100% of Avolon (NYSE: AVOL) for $31 per share, which represents a 55% premium to the company's IPO price in December 2014; the total transaction is valued at $7.6 billion. Cinven, along with CVC Capital Partners and Oak Hill Capital Partners, created Avolon in May 2010 with an enterprise value of $1.4 billion, which included equal equity commitments totaling $750 million. Since then, the company has grown its aircraft portfolio from 26 to 260. For the 12 months ended June, Avolon generated revenues and EBITDA of $697 million and $582 million, respectively.