HNA unit to buy Ireland's Avolon Holdings for $2.5b

Irish aircraft leasing firm Avolon Holdings Ltd said it agreed to be acquired for about $2.5 billion by Bohai Leasing Co Ltd, a unit of Chinese aviation and shipping conglomerate HNA Group.

Avolon shareholders will receive $31 per share in cash, which is lower than the $32 per share the companies were discussing in exclusive talks in August. Avolon said the lower price was a result of "significant volatility across global equity markets".

The deal, which including the assumption of debt, has a total enterprise value of about $7.6 billion, and is expected to close by first quarter of 2016.