FTAI Aviation acquired 27 Boeing 737-700 aircraft from WestJet. The acquisition marks one of FTAI’s largest aircraft transactions to date.
Under the transaction, FTAI’s 2026 SPV, the second investment vehicle of the company’s strategic capital business, acquired 17 Boeing 737-700 aircraft on lease to WestJet in a sale-leaseback, and FTAI acquired 10 off-lease Boeing 737-700 aircraft to support its aerospace products business.
The 10 off-lease aircraft will support FTAI’s aerospace products business by expanding the company’s supply of CFM56-7B engines and modules available to its maintenance, repair and exchange customers.
“We are pleased to expand our relationship with WestJet through this transaction,” David Moreno, president of FTAI, said. “It demonstrates how our strategic capital and aerospace products businesses work together to offer airlines comprehensive fleet solutions, from sale-leaseback capital for in-service aircraft to a flexible exit for aircraft transitioning out of the fleet. For aerospace products, the retiring aircraft will add CFM56-7B engines and modules to the exchange pool to support our customers’ maintenance requirements.”
Mike Scott, executive vice-president and chief financial officer of WestJet Group, added, “This 27-aircraft transaction is a strategic milestone that officially marks the start of our retirement of our 737-700 fleet. We’re pleased to partner with FTAI Aviation Ltd. to make this happen, and we look forward to building on this relationship for future opportunities.”
McGuireWoods served as counsel to FTAI and BD&P served as counsel to WestJet in connection with the transaction.
