Avianca Holdings S.A. (NYSE: AVH; BVC: PFAVH; “Avianca”) and Fortress Transportation and Infrastructure Investors LLC (NYSE: FTAI) yesterday announced that, in accordance with Avianca’s fleet plan and the continued implementation of the “Avianca 2021” transformation plan, Avianca has agreed to sell and FTAI has agreed to purchase 14 aircraft (ten A318 and four A320 aircraft powered by CFM56-5B and V2500 engines, respectively) for an estimated aggregate price of approximately US$160 million. All transactions are expected to close in 2019, subject to customary closing conditions.
Anko van der Werff, Avianca’s Chief Executive Officer, stated, “We are excited to execute a flexible phase-out plan that maximizes our fleet value. It has been terrific working with FTAI – we look forward to exploring new opportunities across our fleet with FTAI and continuing to build our relationship with them.”
“It is a pleasure to work closely with Avianca and their fleet management team while they transition from current generation to new generation aircraft,” said Joe Adams, FTAI’s Chairman and Chief Executive Officer. “FTAI’s expertise in the CFM and V2500 engine markets and bespoke approach have allowed us to maximize value for Avianca.”