Newport-based aviation firm AerFin has agreed to acquire 44 Boeing 737NG aircraft and their 88 CFM56-7B engines from Qantas, in the largest transaction in the company's history.
The deal marks a significant milestone in AerFin's continued growth and further strengthens its position as a leading global aviation aftermarket specialist, according to the company. The transaction will support airline and maintenance repair and overhaul customers globally.
Background and operations
Last week, Japanese venture Orix Aviation signed off on a £475m acquisition of AerFin. The company's Newport headquarters at Indurent Park is home to around half of its workforce of 230 staff. AerFin also has operations in Miami, Singapore and Dublin.
The Qantas agreement also reinforces AerFin's growing presence across the Asia-Pacific region and highlights the company's ability to execute complex aviation transactions at scale.
Deal details and next steps
The value of the deal has not been disclosed. AerFin will now undertake best return assessments on each plane before deciding whether to lease or make parts available to customers.
Simon Goodson, chief executive of AerFin, said: "This is a landmark transaction for AerFin and a defining moment in our growth journey. Completing the largest deal in our history demonstrates the scale of our ambition, the strength of our team and the confidence the market has in our ability to deliver."
"Transactions of this size require deep technical expertise, strong financial capability and trusted partnerships. We're proud to be working with Qantas on this agreement and look forward to maximising value from these assets while continuing to support customers across the global aviation aftermarket."
The aircraft will be transferred to AerFin over the next seven years, with the first set to arrive this year.
Regional significance and Qantas perspective
James Bennett, chief commercial officer at AerFin, added: "The Asia-Pacific market continues to present significant opportunities for the aviation aftermarket, and this transaction further strengthens AerFin's position in the region."
"Working closely with Qantas on a deal of this scale reflects the trusted relationships we continue to build with airlines and asset owners worldwide. It also demonstrates our ability to provide flexible, commercially focused solutions that support customers throughout the aircraft lifecycle."
Qantas domestic chief executive Markus Svensson said: "Our 737s have been the workhorse of the Qantas domestic operation, and will continue flying for us for many years, alongside our growing fleet of next generation aircraft."
"This agreement allows us to plan for the retirement of the majority of our 737 fleet while also providing flexibility to adjust the timing as new aircraft arrive. We expect to take delivery of up to 24 new aircraft this year, with our next generation fleet improving our operational performance and receiving great customer feedback."
Founded in 2010, AerFin supports more than 600 customers worldwide through the sale, lease, repair and management of aircraft, engines and parts.
