Aviation Capital Group LLC (ACG) has signed a definitive agreement to acquire 20 aircraft from Avolon Aerospace Leasing Ltd., the company announced Tuesday.

The portfolio includes 16 narrowbody and four widebody aircraft, all featuring new technology. The average aircraft age is 4.1 years, with average remaining lease terms of 8.4 years. The aircraft are currently leased to 17 airlines across 16 countries, including six new airline customers for ACG.

“These aircraft are an excellent complement to our existing portfolio,” said Thomas Baker, CEO and president of ACG. “This acquisition, with a trusted partner in Avolon, reflects ACG’s strategic focus on growth, commitment to invest in fuel-efficient new technology aircraft, and ability to transact at scale.”

Ross O’Connor, chief financial officer at Avolon, said the deal strengthens the companies’ relationship.

“ACG has a proven capability to transact at scale and we look forward to working closely together to complete the aircraft transfers in the coming months,” O’Connor said.