Engine Lease Finance said it entered into an agreement with Macquarie to acquire 47 aircraft engine assets. Upon completion of the transaction, ELFC’s owned and managed portfolio will include close to 300 modern aircraft engines.

The transaction will also extend ELFC’s existing customer base to more than 80 airlines and maintenance, repair and overhaul companies. Subject to the necessary consents, ELFC will also assume the servicing of a portfolio of seven additional engines owned by a third party, which will further enhance ELFC’s substantial portfolio of managed assets.

ELFC president and CEO Jon Sharp said, “The acquisition of these engines allows ELFC to immediately enhance our near-term strategies for growth. We continue to pursue revenue and portfolio growth through sale and leaseback transactions, engine order positions and other portfolio opportunities in line with our strategic business objectives. We are also pleased to note the continued and substantial support ELFC enjoys from our parent companies.

ELFC is a wholly owned subsidiary of BTMU Capital, itself a wholly owned subsidiary of the Bank of Tokyo-Mitsubishi UFJ.