WestJet, a prominent airline in Canada, has successfully concluded sale and leaseback transactions for six of its Boeing 737 aircraft. This strategic move demonstrates the company's commitment to optimizing its financial resources and ensuring operational flexibility. By unlocking the value of its aircraft assets through these transactions, WestJet is well-positioned to navigate the dynamic aviation industry while continuing to deliver exceptional service to its customers.
WestJet (WS, Calgary) will sell six B737-800s to Dublin-based aircraft leasing company Genesis Aircraft Services in a sale and leaseback transaction. The deal was announced via a December 22, 2023, statement from both parties.
Parties Involved
"We look forward to further supporting WestJet as their fleet continues to grow over the coming years," said Genesis CEO Karl Griffin.
"With strong intentions to grow our B737 fleet in the coming years, we appreciate Genesis' support of WestJet's ongoing fleet plans," said WestJet's Vice President of Fleet and Treasury, Aaron McKay.
Business Relationship & Transaction Details
The transaction is the first piece of business concluded between the two parties, with WestJet becoming Genesis's 32nd customer. The lessor, a subsidiary of Barings, has 55 narrowbody aircraft from both Airbus and Boeing on its books. Other customers include Wizz Air and Avelo Airlines.
Fleet Overview & Future Orders
WestJet operates forty-six B737-800s among its broader fleet of 176 aircraft. Its other fleet types include forty B737-700s, thirty-two B737-8s, four B737-800(BCF)s, seven B787-9s, and forty-seven DHC-8-Q400s. The carrier also has forty-eight B737-10s and fourteen B737-8s on order.
Summary
The sale and leaseback agreement between WestJet and Genesis Aircraft Services reflects a strategic alignment between two prominent entities within the aviation industry. As WestJet's fleet development continues to unfold, this collaboration stands as a testament to the airline's commitment to advancing its operational capabilities while forging strategic partnerships to support its long-term growth objectives.
(This article is sourced from ch-aviation.com and curated by Thetransporteronline24)
