Etihad Aviation Group has signed a definitive agreement with KKR, a global investment firm, and Altavair AirFinance (“Altavair”),  a commercial aviation finance company, on the acquisition of a total of 38 Etihad-owned widebody planes.

The portfolio of aircraft sold by the national airline of the United Arab Emirates includes 16 Boeing 777-300ERs, 16 A330-200s and six A330-300s. While Airbus A330s will be placed on lease with other carriers, the Boeing 777-300ER aircraft will be leased back to Etihad.

“This deal will ensure we stand by our strategic and financial sustainability targets by replacing aircraft with the most technologically-advanced and fuel-efficient fleet types. The structure of this transaction also provides us with significant flexibility, meaning we are well placed to respond to future growth requirements”, said Tony Douglas, Group Chief Executive Officer.