Saudi wealth fund unit acquires Standard Chartered's aircraft leasing business for $3.6 billion
Standard Chartered has announced the sale of its global aviation finance leasing business to Saudi Arabia-based AviLease for approximately $3.6 billion. The deal includes an initial consideration of $700 million and the repayment of $2.9 billion of net intra-group financing. The move is part of Standard Chartered's efforts to streamline its operations and focus on areas where it stands out from competitors. AviLease, owned by Saudi Arabia's sovereign wealth fund, aims to support Saudi Arabia's aviation ecosystem through the acquisition. The global aircraft leasing business has faced challenges from inflation and rising borrowing costs, leading to consolidation in the sector.