Bohai Leasing announced the completion of its acquisition of Avolon Holdings, the international aircraft leasing company.

As a wholly-owned subsidiary of Bohai, Avolon will be combined with Bohai’s existing aircraft leasing businesses to form the world’s fourth largest aircraft leasing firm with more than 500 aircraft.

“Avolon is a leader in the aircraft leasing industry with a strong track record and a leading global platform. We are delighted to welcome Avolon to Bohai and the wider HNA family,” said Chris Jin, CEO of Bohai Leasing. “Our aircraft leasing interests, now operating under the Avolon brand, position us as the world’s fourth largest aircraft lessor. This position is consistent with our corporate vision at Bohai, which is to build each of our transportation finance businesses into global leaders.”

Bohai is the only listed leasing company on the Chinese A-Share stock market and is majority owned by HNA Group, a Fortune 500 company with global interests in a range of sectors including aviation, leasing, logistics, tourism and transportation.

Bohai will continue Avolon as the core aircraft leasing brand for Bohai Leasing and its parent, HNA Group. Bohai will combine its Hong Kong Aviation Capital (HKAC) aircraft leasing business into Avolon.

Avolon will remain headquartered in Dublin, with a strategic Asian regional head office in Hong Kong and offices in Dubai, Shanghai, Singapore and the U.S. In addition, Bohai Leasing will retain Avolon’s management team, all of whom remain with the integrated business which has a total employee base of 88 people.

“The completion of our acquisition by Bohai is an exciting step in the development of Avolon. We are delighted to be part of Bohai and the wider HNA Group who share our ambitious growth plans. With a fleet of over 500 aircraft, we are now the world’s fourth largest aircraft leasing firm,” said Avolon CEO, Dómhnal Slattery. “The Avolon management team remains committed to the business and we see significant opportunities for growth under Bohai’s ownership. We have a proven management team, a strong market position and a parent with the industry experience and financial strength to support our objective to become a top three player in the industry.”