Information of TTFly: Danish regional aircraft lessor Nordic Aviation Capital (NAC) has agreed to buy 25 Embraer E175 and E190 aircraft from U.S.-based Air Lease Corp. (ALC).
This is the second major fleet transaction between the two companies. In January, ALC sold its fleet of 25 ATRs to NAC.
"After our teams successfully worked together on the ATR aircraft portfolio transaction, NAC saw additional value in our fleet of Embraer aircraft," ALC chairman and CEO Steven Udvar-Házy said.
ALC said it was selling the aircraft because its "business has matured" and its focus has shifted to mainline jets. "The timing is now appropriate for us to have a smaller role in this market segment," Udvar-Házy said.
NAC will begin to receive the aircraft transfers this quarter, for completion in the first quarter of 2017.
The deal will further expand NAC, which has been on an acquisition spree since company founder Martin Moller sold a majority stake to Swedish private equity group EQT in summer 2015, giving the lessor the financial muscle it needed to grow.
Two of these deals were the acquisition of U.S.-based Embraer leasing specialist Jetscape in March 2016 and Irish Embraer lessor Aldus Aviation in April 2016, which are likely motivators behind the ALC Embraer fleet acquisition.
NAC has historically specialized in turboprop leasing, primarily ATRs and Bombardier Dash 8s, and this deal gives it a further foothold in the regional jet market.