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ORIX To Buy 30% Stake In Avolon From Bohai Capital For $2.2 Bln - Quick Facts

Tokyo-based ORIX Corp.'s (IX) wholly owned subsidiary ORIX Aviation Systems, agreed Wednesday to acquire a 30 percent stake in Dublin-based plane lessor Avolon Holdings from Bohai Capital for $2.2 billion, valuing Avolon at $23.7 billion. The deal is expected to complete in the fourth quarter of 2018.

The deal is subject to customary closing conditions and Bohai shareholder approval. Bohai's largest shareholder, Chinese conglomerate HNA Group, has provided its commitment to the deal.

As part of the deal, Bohai and ORIX will put in place a new shareholder agreement which includes a governance framework with significant protections for the minority shareholder.

On completion of the deal, the revised Avolon Board will be comprised of two ORIX Directors, three Bohai Directors, Avolon CEO, Dómhnal Slattery, as executive Director, and one independent Director.

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