Vedder Price advised Macquarie Group Limited in the acquisition of an aircraft operating lease portfolio from AWAS Aviation Capital Limited, in an agreement signed today.

The portfolio is comprised of 90 modern, current-generation commercial passenger aircraft leased to 41 airlines, with a purchase price of approximately US$4 billion. The weighted average age of the fleet is approximately two years with an average remaining lease term of 6.5 years. Completion of the transaction is expected to occur over the next 12 months, subject to customary closing conditions. While the commercial terms of the transaction are confidential, the transaction will be funded from existing cash reserves and third-party limited recourse financing arrangements for which Vedder Price is also advising Macquarie Group.

“This is one of the largest and most complex transactions currently in the transportation finance marketplace,” said Dean N. Gerber, Chair of Vedder Price's Global Transportation Finance team. “We are honored to partner with our long-term client, Macquarie Group, in this substantial acquisition.”