Clifford Chance Advised Standard Chartered on Sale of Aviation Leasing Business
Global law firm Clifford Chance provided legal advice to Standard Chartered on the sale of its global aviation leasing business to AviLease and a portfolio of secured aviation loans to PK Airfinance, both expected to close towards the end of 2023.
The multijurisdictional cross-practice team, led by Corporate Partner Nicholas Rees and Aviation Finance partner Ranbir Hunjan, was supported by Senior Associates Ryan Wild and Philippa Lawson and Associate Liam Porritt.
Partners Nicola Hemsley and Richard Kalaher, Director Edward Page, and associate Viktoria Parkhomenko offered their expertise on the tax aspects of the transactions. Employment advice was provided by Partner Chinwe Odimba-Chapman and Senior Associate Francesca Baker, while Senior Associate Mark Comber contributed his insights on commercial law. Antitrust matters were overseen by Partner Brian Concklin, counsel Chandralekha Ghosh, and associate Eva Kurban. Virginia Lee (Partner) and Joanne Lau (Associate) provided essential support in Hong Kong law matters.
Standard Chartered's Aviation Finance division includes a comprehensive worldwide aircraft leasing and financing enterprise. Within this division, the global aviation leasing arm oversees and manages a diverse fleet portfolio comprising more than 120 aircraft, all of which are leased to over 30 airlines.
Based in Riyadh, Saudi Arabia, AviLease was established in 2022 and specialises in providing leasing, trading, and asset management services within the aviation sector. The company's business objective is to pursue rapid expansion, with the ambition of positioning itself among the top 10 leasing companies worldwide.
PK Airfinance, supported by Apollo, is a well-established debt provider serving both airlines and lessors. Currently, the company oversees a substantial portfolio of aviation loans, spanning more than 400 assets, which are in operation with over 80 different operators.