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Buyout-backed Avolon confirms talks with Chinese suitor AVIC

18 Aug 2014

avolonPrivate equity-backed Irish aircraft leasing firm Avolon has revealed it is in talks with a subsidiary of Aviation Industry Corporation of China.

The company, which is backed by Cinven, CVC Capital Partners and Oak Hill Capital Partners, revealed the talks through a stock market filing but denied local media reports a deal would value it at $16bn.

Reuters previously reported Avolon could be valued at $4bn to $5bn including debt, citing people familiar with the matter. The company’s equity value stands at around $2.5bn.

That report suggested AVIC had joined forces with sovereign wealth fund China Investment Corp (CIC) for the deal.

AVIC has now conducted due diligence on the business, the stock market filing added, although it said no deal had been agreed to date.

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