AviLease, a PIF-owned company, announced a press release issued today the acquisition of a Boeing 787-9 aircraft from Babcock and Brown Aircraft Management (BBAM), a prominent global lessor with $18 billion in aviation assets under management. The transaction marks the first collaboration between AviLease and BBAM, and introduces the first Boeing 787-9 on operating lease to AviLeases expanding fleet. Furthermore, the acquisition brings a new airline customer, based in the Americas, into AviLeases portfolio. AviLease CEO Edward O Byrne said: "We would like to thank our partner BBAM. We view this transaction as the beginning of a strong trading partnership. The Boeing 787-9, as new technology, fuel-efficient aircraft aligns well with our investment strategy. This acquisition further supports the yield of our portfolio." BBAM CEO and President Steve Zissis said: "We are happy to do our first deal with AviLease and look forward to further collaboration as AviLease becomes a significant lessor to airlines a round the world." Source: Saudi Press Agency