FTAI completes sale and leaseback of 16 aircraft with Alitalia and ITA Airways

FTAI Aviation, a wholly-owned subsidiary of Fortress Transportation and Infrastructure Investors, has entered into a sale-leaseback for the majority of 16 A320 Family aircraft with ITA Airways and an Alitalia company, with the remaining closings expected shortly.

The 16 aircraft are all equipped with CFM56-5B engines and the closing leases will have an average remaining term of 36 months. FTAI Aviation will provide engine management services to cover engine maintenance during the life of the lease. Following the closing of the remaining transactions, FTAI Aviation expects to own a total of 263 CFM56 engines.

“We are delighted to be part of this new chapter in the history of Italian airlines and to partner with ITA Airways,” said Joe Adams, President and CEO of FTAI Aviation. “Our ability to manage CFM56 engine shop visits and provide engine management services plays a critical role in this transaction and creates significant value for ITA Airways. “

“Strategic partnerships are crucial for ITA Airways as we start our business plan,” said Fabio Lazzerini, CEO of ITA Airways. “FTAI’s unique CFM engine program creates substantial value for our mid-life aircraft fleet while maintaining the highest levels of quality and safety that ITA Airways is committed to providing to its customers. “

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