PIF’s AviLease Nears Deal for Standared Chartered Jet Leasing Arm - Bloomberg
AviLease, a jet lessor owned by Saudi Arabia’s Public Investment Fund, is in advanced talks to acquire an aviation finance business from Standard Chartered Plc, people with knowledge of the matter said.
Riyadh-based AviLease and London-listed Standard Chartered are putting the final touches on a deal that could be valued at at least €3.5 billion ($3.7 billion), according to the people.
Standard Chartered shares rose as much as 1.5% in early Tuesday trading. They were up 0.8% at 8:56 a.m. in the UK capital, giving the lender a market value of £18.7 billion ($23.2 billion).
Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes. Standard Chartered is selling the asset as part of plans to cut costs and boost shareholder returns.
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