FTAI Aviation Acquires 27 Boeing 737-700s from WestJet in Major Deal

FTAI Aviation Ltd., listed on the NASDAQ under the ticker FTAI, has made its largest aircraft transaction to date by acquiring 27 Boeing 737-700 planes from WestJet. The deal is a combination of sale-leaseback investment and the acquisition of retiring aircraft to support FTAI's engine maintenance business.

The 17 leased aircraft will remain on lease to WestJet through a sale-leaseback arrangement, while the other 10 off-lease planes will be used to increase the supply of CFM56-7B engines and modules available to customers of FTAI's Maintenance, Repair and Exchange operations.

FTAI President David Moreno said the deal demonstrates how the company's Strategic Capital and Aerospace Products businesses work together to offer airlines comprehensive fleet solutions. The transaction highlights the complementary roles of FTAI's aircraft investment and aerospace operations, allowing it to participate at multiple stages of the lifecycle of mid-life narrowbody aircraft.

WestJet Group Executive Vice President and Chief Financial Officer Mike Scott said that the deal marks the start of the retirement process for WestJet's Boeing 737-700 fleet. The company is pleased to partner with FTAI Aviation Ltd. to make this happen, and looks forward to building on this relationship for future opportunities.

The acquisition is a strategic milestone for FTAI, expanding its relationship with WestJet while illustrating the company's ability to combine aircraft investment with maintenance, repair and exchange operations. The deal adds scale to FTAI's Strategic Capital strategy shortly after the establishment of its second investment vehicle.