Japan-based Orix has completed the $2.2bn acquisition of a 30% stake in Irish aircraft leasing firm Avolon through the former’s aircraft trading company Orix Aviation Systems.

Orix has bought the stake from Bohai Capital, a part of Chinese conglomerate HNA Group that acquired Avolon for $2.5bn in 2015.

In 2016, Avolon became a fully owned subsidiary of Bohai Capital.

The world’s third largest aircraft leasing company, Avolon is primarily involved in the purchase of new aircraft and leases them to airline companies worldwide.

“The Orix Group intends to further increase the scale of its aircraft leasing business through both Orix Aviation and Avolon.”

The newly completed deal, which is based on an agreement reached between the companies in August, will not bring any material change to the operations of Avolon.

The revised Avolon board will comprise two and three directors from Orix and Bohai, in addition to Avolon CEO Dómhnal Slattery as executive director and one independent director.

In a statement, Orix said: “The aircraft market is expected to see strong and continued passenger demand in the future.

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“Going forward, the Orix Group intends to further increase the scale of its aircraft leasing business through both Orix Aviation and Avolon, to increase its presence in the global aircraft leasing market, and thereby grow its business from a medium and long-term perspective.”

In 1978, Orix started its aircraft finance lease business and founded Orix Aviation in 1991.

Orix Aviation is mainly engaged in leasing its own portfolio aircraft and developing an asset management platform for both Japanese and international investors.