December 17, 2014
Finnair signs MOU with German Operating Aircraft Leasing for sale and leaseback of three Embraer 190 aircraft
Finnair has signed a Memorandum of Understanding (MoU) with GOAL German Operating Aircraft Leasing GmbH & Co. KG for the sale and leaseback of three Embraer 190 aircraft. The transaction is expected to be closed by the end of March 2015. The value of the transaction is approximately 55 million euros at current market value and when closed, the transaction is not expected to have a significant impact on Finnair’s 2015 operating result. The aircraft included in the arrangement are currently operated by Finnair’s associated company Flybe Finland. The aircraft lease agreements between Finnair and GOAL expire on average after 8 years. After the transaction is closed, Finnair will sublease the aircraft to Flybe Finland. The proceeds from the transaction will be used to finance Finnair fleet investments in the coming years. Finnair has ordered 19 Airbus A350 XWB aircraft.