Irish aviation financier, Awas, is set to sell 90 aircraft to Australian bank, Macquarie, for $4 billion (€3.6 billion).
Awas and Macquarie have been in talks over the possible sale of the craft since early January.
The pair have confirmed that the Australian financial institution has agreed to buy 90 narrow-body planes from Awas for $4 billion.
Macquarie is planning a rights issue to raise $500 million to help pay for the deal, which will rank the business close to the globe’s top 10 aircraft lessors.
Dublin-based Awas said that the transaction should go through “within 12 months subject to the customary closing conditions”.
The group's owners, British private equity firm, Terra Firma and Canada Pension Plan Investment Board (CPPIB) agreed to back the sale earlier this week.
Awas will have 200 modern craft after the sale is completed and said that it plans to continue to grow its fleet through sale and leaseback transactions with airlines.
Ray Sisson, its president and chief executive, said that the Macquairie deal would allow it to move to the next phase of growth.
The company’s business generated over $1 billion in earnings before interest, tax and write-offs in 2014.
