Willis Lease Finance Corporation (WLFC) is set to expand its aircraft leasing business through the acquisition of 12 commercial aircraft and 13 aircraft engines.

The lessor has signed a definitive agreement for the 25 aviation assets in a transaction that WLFC said would grow its portfolio and customer base.

WLFC also plans to use its engine-focused capabilities to create additional value from the aircraft portfolio, including through its ConstantThrust® programme.

“This transaction provides an opportunity to grow our portfolio as well as customer base,” said Austin C. Willis, chief executive officer of WLFC.

“It also strengthens our aircraft leasing business, where we can create additional value through engine-based programs such as ConstantThrust®.”

The acquisition will also complement WLFC’s wider asset management, technical and aftermarket capabilities, supporting customers across the aviation asset lifecycle.

The transaction remains subject to customary closing conditions.

Milbank LLP served as legal counsel to WLFC, while PricewaterhouseCoopers LLP provided accounting, tax and financial due diligence services.

The seller was advised by Vedder as legal counsel and KPMG Ireland on tax and accounting matters.

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