Press release
FTAI Aviation Announces the Closing of Sale Leaseback Transactions with Alitalia and ITA Airways
NEW YORK, Nov. 11, 2021 (GLOBE NEWSWIRE) -- FTAI Aviation, a wholly owned subsidiary of Fortress Transportation and Infrastructure Investors LLC (NYSE: FTAI),
About this update from Ftai Aviation Ltd.
[{"type":"text","content":"NEW YORK, Nov. 11, 2021 (GLOBE NEWSWIRE) -- FTAI Aviation, a wholly owned subsidiary of Fortress Transportation and Infrastructure Investors LLC (NYSE: FTAI), is pleased to announce the closing of the sale leaseback of the majority of 16 aircraft with Aircraft Purchase Company No. 12 Limited (a company of Alitalia group) and novation to Italia Trasporto Aereo S.p.A (“ITA Airways”), and the remaining closings are expected shortly. The 16 A320 family 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,” said Joe Adams, FTAI’s Chairman and Chief Executive Officer. “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,” said Fabio Lazzerini, CEO of ITA Airways. “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.” About Fortress Transportation and Infrastructure Investors LLCFortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. About ITA AirwaysITA Airways is a company wholly owned by the Italian Ministry of Economy and Finance for the exercise of activities in the air transport sector, active since November 2020. ITA Airways' goal is to create an efficient air carrier, innovative, which becomes the point of reference in guaranteeing quality connectivity to Italy. ITA Ai...