Milbank Advises Castlelake on Sale of $5B Aircraft Portfolio to Avolon

Milbank LLP represented Castlelake L.P., a global alternative investment manager specializing in asset-based investing with nearly 20 years of experience in aircraft investing, leasing and servicing, in connection with its sale-purchase agreement with Avolon, a leading global aviation finance company, for the sale of a $5 billion, 118-aircraft portfolio held by Castlelake Aviation Limited (“CA Ltd.”). The transaction is subject to the satisfaction of customary closing conditions and is expected to close in Q1 2025.

Castlelake established CA Ltd. in 2021 to finance modern, fuel-efficient aircraft. The entity’s portfolio grew to over $5 billion of asset value in the three years since its inception and consists of some of the most in-demand narrowbody, widebody and regional jet aircraft types. Castlelake has been a strategic partner and active capital provider to aviation asset owners and lessees since its inception in 2005, having invested over $21 billion in aviation opportunities, acquired more than 650 aircraft and developed relationships with approximately 200 airlines.

The Milbank team was comprised of practitioners across multiple disciplines and offices and was led by Global Corporate/M&A partners Dean W. Sattler, who is the head of Milbank’s US Corporate/M&A practice, and Benjamin Fidler (New York), Transportation and Space partner and Practice Group Leader Alexandra Johnson (New York), Transportation and Space partner Nick Swinburne (London) and Global Corporate/M&A partner Andrew Nuthall (London). The team also included Corporate Finance and Securities partner Brett Nadritch (New York); Global Corporate/M&A associates Emilie Blicher, Sarah Murray (New York) and Michael Terry (London); Transportation and Space associates William Corso, Ariella Stepanian, Oleg Kozel and law clerk Favour Agunu (New York) and associate Harriet Rugg-Easey (London); Antitrust partners Fiona Schaeffer (New York) and Andrea Hamilton (London), special counsel Alexis Brown-Reilly (Washington, DC), associate Jan Maas (Munich) and senior antitrust specialist Andrea Haggerty (New York); Tax partner Alan Rafferty and associates Jade Du Berry and Liam Markham (London); and Global Risk & National Security partner Bijan Ganji and associates Brian Murff and Bridget Golob (Washington, DC).