Chinese firm Bohai Leasing has completed its $7.6 billion acquisition of Irish lessor Avolon, ranking its parent company HNA Group as the world’s fourth largest lessor by asset value.

HNA Group’s leasing interests now include Avolon, Bohai and Hong Kong Aviation Capital.

“Avolon will be the core aircraft leasing brand for Bohai Leasing and its parent, HNA Group, and assumes management of the Hong Kong Aviation Capital (HKAC) business, another Bohai subsidiary,” Avolon said in a statement.

Following the acquisition, Avolon has become a wholly owned, indirect subsidiary of Bohai Leasing and its shares have ceased trading on the New York Stock Exchange.

Avolon will remain headquartered in Dublin under its existing management, with a strategic Asian regional head office in Hong Kong and offices in Dubai, Shanghai, Singapore and the US.

“With a fleet of over 500 aircraft, we are now the world’s fourth largest aircraft leasing firm,” Avolon CEO Dómhnal Slattery said, including the wider HNA Group in that total.

Avolon has 105 Airbus A320neos and A330neos on order, plus 20 Boeing 737 MAXs and six 787-9s.

“We see significant opportunities for growth under Bohai’s ownership,” Slattery said, adding that Avolon’s medium-term objective to become one of the world’s top-three aircraft lessors.

Bohai Leasing is majority owned by HNA Group, which owns stakes in 25 airlines: 20 in China, plus others in Brazil, France, Portugal, South Africa and Turkey.

HNA Group also owns nine airports in China - with plans to invest in airports in other markets – along with European maintenance, repair and overhaul (MRO) firm myTechnic and ground and cargo handling giant Swissport.

Bohai initially wanted to take a strategic stake of 20% in Avolon, but upped this to bid for all of Avolon’s shares after an unnamed rival bidder emerged.