Business
AVATION TO PURCHASE A320 ON LEASE TO AIR FRANCE
AVATION TO PURCHASE A320 ON LEASE TO AIR FRANCE.
About this update from Avation Plc
[{"type":"text","content":"\n \nRNS Number : 4153V Avation PLC 07 August 2015 \n\nAVAP: LSE by RNS; SGX NET 7 Aug 2015\n \nAVATION PLC\n(\"AVAP\" or \"the Company\")\n \nAVATION TO PURCHASE A320 ON LEASE TO AIR FRANCE\nAvation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, announces that it has signed an agreement with Dublin-based aircraft lessor, Avolon, to purchase an A320-200 aircraft, which is operated by and is on lease to Air France. \nThe acquisition of this Airbus A320-200 aircraft, with engine type CFM56-5B4, is only subject to technical due diligence and execution of the lease novation by AVAP, the airline and vendor. The purchase of the six years old aircraft is being conducted on typical commercial terms. The company expects an economic closing of the acquisition during the current financial period.\nThe Airbus A320 is in widespread use around the globe and is one of the most popular single-aisle aircraft in airline service with passengers, airlines and leasing companies alike. Since the delivery of the first Airbus A320 in 1988, Airbus has sold a total of 4,773 (i).\nAir France has an extensive fleet of around 129 A320 family aircraft which are operated on the airline's extensive network around Europe. Air France currently carries 54 million passengers a year with some 670 flights per day (ii).\nFollowing the completion of this acquisition, Avation PLC will own six aircraft from the A320 family.\nJeff Chatfield, Executive Chairman, said: \"I am pleased to announce this contract for the purchase of another A320-200 aircraft. The aircraft is on lease to Air France, one of the world's most prestigious airlines. The Company is focussing on pursuing a strategy involving diversifying the airline customer base and geographical dispersion and the addition of this a...