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Chicago, Illinois, U.S - United Airlines has signed a leaseback deal with the Singapore-based aircraft leasing company BOC aviation.

United will sell its six Boeing 787-9 Dreamliners and 16 737 MAX jets to BOC Aviation  and operate them as part of a long-term lease agreement with the Singaporean lessor.

According to a statement sent to the Hong Kong stock exchange by BOC aviation, the transaction for the 22 United jets will be closed this year.

United Airlines currently has 14 Boeing 737 MAX jets in the fleet. They have been all grounded since last year. Ten of  28 787-9 Dreamliners are also in storage due to the travel restrictions.

BOC Aviation states that its leasing fleet, at the end of March, comprised 567 aircraft either owned, managed or on order.

The lessor has also announced that it achieved two major milestones signing 1,000 lease commitments and committing to purchase more than 900 aircraft since inception.

“We are extremely proud to celebrate these two achievements in our 27th year of operation, which are testaments to our company’s long and successful history. Attaining these milestones reflects our disciplined investment and counter-cyclical strategy, which have contributed to long-term sustainable returns as we purchase aircraft at competitive prices and place them on long-term leases. To date, we have committed to purchase more than 900 aircraft and signed over 1,000 lease commitments with more than 160 airlines in 57 countries and regions.”

said Robert Martin, the Managing Director, and Chief Executive Officer at BOC Aviation.

BOC Aviation is the largest aircraft operating leasing company headquartered in Asia and third in the world as measured by the value of owned aircraft.

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