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　　The bidding battle for Avolon has ended with BohaiLeasing, a unit of the Chinese aviation and shippingcompany HNA, snapping up the Dublin-based aircraft leasing company in a deal valuing itsequity at just over $2.5bn.

　　围绕Avolon的竞购战已经结束，中国航空和航运公司海航集团(HNA Group)旗下的渤海租赁(BohaiLeasing)将这家总部位于都柏林的飞机租赁公司纳入囊中。这笔交易对Avolon的股本估值达到略高于25亿美元。

　　It beat out AVIC Capital, a subsidiary of state-owned Aviation Industry Corp of China, whichbegan talks with US-listed Avolon a year ago. Aircraft leasing is attracting growing attention anddollars in Asia, with Japan’s Mitsubishi Corp and Hong Kong-based billionaire Li Ka-shing amongrecent investors.

　　渤海租赁击败了中航资本(Avic Capital)，后者是国有的中国航空工业集团(China Aviation Industry Corp)旗下子公司，一年前与在美国上市的Avolon开启谈判。飞机租赁业务在亚洲吸引了越来越多的关注和投资，日本三菱(Mitsubishi Corp)和香港亿万富翁李嘉诚(Li Ka-shing)近年都投资于该业务。

　　Bohai secured its prize early on Friday with an offer of $31 a share, $1 a share below itsprevious offer and a 31 per cent premium to the undisturbed share price on July 13. Includingdebt, the price equates to an enterprise value of $7.6bn.

　　渤海租赁周五早间以每股31美元赢得竞购，该报价比此前报价低1美元，较7月13日未宣布竞购消息前的股价有31%的溢价。交易价格包括承担Avolon的债务，相当于76亿美元的企业价值。

　　The deal, approved by Avolon’s board, is expected to be completed in the first quarter of 2016.

　　该交易已得到Avolon董事会的批准，预计在2016年第一季度完成。

　　It has been a fraught battle but one with generous rewards for Avolon’s investors, whichinclude private equity groups Cinven, CVC and Oak Hill. Avolon listed last December at $20 ashare.

　　这是一场一波三折的并购战，但它为包括私人股本集团Cinven、CVC和Oak Hill在内的Avolon的投资者带来了丰厚回报。Avolon于去年12月上市，发行价为每股20美元。

　　Bohai was forced to sweeten its initial offer of $26 a share for a 20 per cent stake in July to$32 the following month after an informal rival offer emerged, understood to be from AVICCapital, a subsidiary of Aviation Industry Corp of China.

　　今年7月，渤海租赁最初提出以每股26美元收购Avolon 20%的股份，但在8月据信来自中航资本的非正式报价出现后，该公司不得不将报价提高至每股32美元。

　　The two companies said the agreed price of $31, trimmed by $1, “reflects significant volatilityacross global equity markets”. Bohai had agreed to raise its break fee by $100m to $350m, “to provide greater certainty of value and reflecting its commitment to the transaction.”

　　两家公司表示，双方最终商定的31美元(即降低1美元)的价格，“反映出全球股市的巨大波动”。渤海此前同意将分手费提高1亿美元，至3.5亿美元，“以让交易价值更具确定性，并反映出其对该笔交易的承诺”。

　　Denis Nayden, Avolon chairman, said Bohai would bring profile and China relationships to thegroup. The China market, he said, offers “one of the most compelling growth opportunities inglobal aviation over the next two decades”.

　　Avolon董事长丹尼斯蔠筑(Denis Nayden)表示，渤海将为Avolon带来知名度和中国市场的人脉。他说，“在未来的20年内，中国市场将提供全球航空业最吸引人的增长机遇之一”。

　　Bohai, which is listed in Shenzhen, is a subsidiary of HNA, which is privately owned and focuseson aircraft, shipping and tourism.

　　在深圳上市的渤海租赁是海航旗下子公司，海航是一家私人控股企业，从事航空、航运和旅游业务。

　　Avolon, one of the world’s fastest-growing aircraft leasing businesses, last month reported abetter than expected second quarter, recording net income of $55.6m for the three months tothe end of June 30, up 133 per cent compared with the same time last year. Revenue rose 38per cent to $183.9m.

　　Avolon是全球增长最为迅速的飞机租赁企业之一，该公司上月发布的二季度业绩超出预期，在截止6月30日的3个月里实现净利润5560万美元，同比增长133%。营收增长38%，至1.839亿美元。

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