FTAI Aviation, a wholly owned subsidiary of Fortress Transportation and Infrastructure Investors LLC (NYSE: FTAI), is pleased to announce the closing of the sale leaseback of the majority of 16 aircraft with Aircraft Purchase Company No. 12 Limited (a company of Alitalia group) and novation to Italia Trasporto Aereo S.p.A (“ITA Airways”), and the remaining closings are expected shortly. The 16 A320 family aircraft are all CFM56-5B powered and the leases upon closing will have an average remaining term of 36 months. FTAI Aviation will provide engine management services to cover the maintenance of the engines during the life of the lease terms. After closing of the remaining transactions, FTAI Aviation expects to own a total of 263 CFM56 engines.
“We are excited to be a part of this new chapter in Italy’s airline history and partner with ITA Airways,” said Joe Adams, FTAI’s Chairman and Chief Executive Officer. “Our ability to manage CFM56 engine shop visits and provide engine management services plays an integral role in this transaction and creates significant value for ITA Airways.”
“Strategic partnerships are crucial for ITA Airways as we jumpstart our Business Plan,” said Fabio Lazzerini, CEO of ITA Airways. “FTAI’s unique CFM engine program creates substantial value to our fleet of mid-life aircraft while, at the same time, keeping the highest quality and safety levels which ITA Airways is committed to offer to its customers.”