AirAsia to sell plane-leasing ops for US$1.2b

Kuala Lumpur/Singapore

AIRASIA Bhd is selling up to 182 Airbus jets to firms managed by BBAM Ltd, one of the world's largest aircraft portfolio managers, in a US$1.2 billion deal that will help it cut debt and give it firepower to expand further.

With the sale of its leasing operations, Asia's biggest budget airline is cashing in on a booming leasing sector after having ordered hundreds of Airbus planes at bargain prices in recent years to become one of Airbus' biggest customers.