Irish aviation firm Avalon acquired by Chinese firm Bohai

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Irish aircraft leasing firm, Avalon, has agreed to be bought by Bohai Leasing at a price of $31 per share in a deal worth around $2.5 billion (€2.24 billion).

The firm agreed to enter exclusive talks last month with Bohai - a division of Chinese aviation and shipping conglomerate, HNA Group.

The deal, which takes the Dublin company’s debt into account, has a total enterprise value of about $7.6 billion.

According to the Irish Times, Bohai has already paid a deposit of $75 million with a further $2000 million due to be paid out today.

It is expected to close by the first quarter of 2016.

Founded in 2010, the Avolon is run by Dómhnal Slattery and owns 153 aircraft with another 107 planes on order from Boeing and Airbus.

Slattery will remain with the company, alongside other senior executives.

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