Avolon Holdings has completed the acquisition of CIT Commercial Air from CIT Group.

Avolon Holdings, the international aircraft leasing company has completed the acquisition of CIT Commercial Air, its commercial aircraft leasing business, from CIT Group, a leading provider of commercial lending and leasing services. Financial terms were not disclosed. "This transaction will strengthen our balance sheet, simplify our business and enable us to return significant capital to our shareholders. We are making meaningful progress on our strategy to create a leading national middle-market bank. I want to thank all of our employees, and in particular those in Commercial Air, whose solid commitment to building an outstanding franchise over more than 40 years has enabled the success of this transaction,” Ellen R. Alemany, CIT Group Chairwoman and Chief Executive Officer.