Reuters reported, according to people familiar with the matter, that Irish-based aircraft leasing firm Avolon is in talks with China’s $653 billion sovereign wealth fund, China Investment Corp (CIC), about a possible takeover by the Chinese fund for $4 billion to $5 billion including debt.

Reuters notes that Avolon is estimated to have an equity value of around $2.5 billion. Including debt, the proposed deal could have an enterprise value of $4 billion to $5 billion.

Reuters said that CIC is teamed up with Aviation Industry Corporation of China (AVIC) in its bid for Avolon.

To view the full Reuters report, click here.