FTAI Aviation, a wholly-owned subsidiary of Fortress Transportation and Infrastructure Investors, closed a sale-leaseback for the majority of 16 A320 family aircraft with ITA Airways and a company of Alitalia, with the remaining closings expected soon.

The 16 aircraft are all CFM56-5B-powered and the leases upon closing will have an average remaining term of 36 months. FTAI Aviation will provide engine management services to cover the maintenance of the engines during the life of the lease terms. After closing of the remaining transactions, FTAI Aviation expects to own a total of 263 CFM56 engines.

“We are excited to be a part of this new chapter in Italy’s airline history and partner with ITA Airways,” Joe Adams, chairman and CEO of FTAI Aviation, said. “Our ability to manage CFM56 engine shop visits and provide engine management services plays an integral role in this transaction and creates significant value for ITA Airways.”

“Strategic partnerships are crucial for ITA Airways as we jumpstart our business plan,” Fabio Lazzerini, CEO of ITA Airways, said. “FTAI’s unique CFM engine program creates substantial value to our fleet of mid-life aircraft while, at the same time, keeping the highest quality and safety levels which ITA Airways is committed to offer to its customers.”