Former Avianca Brasil Airbus A320-200. Credit: Rafael Luiz Canossa.

Airline group Avianca Holdings has agreed to sell 14 aircraft to Fortress Transportation and Infrastructure Investors (FTAI), as part of its fleet plan and implementation of the Avianca 2021 transformation programme.

Under the deal, Avianca will sell ten A318 and four A320 aircraft powered by CFM56-5B and V2500 engines to FTAI for an aggregate price of $160m.

Avianca Holdings CEO Anko van der Werff said: “We are excited to execute a flexible phase-out plan that maximises our fleet value. It has been terrific working with FTAI – we look forward to exploring new opportunities across our fleet with FTAI and continuing to build our relationship with them.”

Expected to close this year, the transaction is subject to customary closing conditions.

FTAI chairman and CEO Joe Adams said: “It is a pleasure to work closely with Avianca and their fleet management team while they transition from current generation to new generation aircraft.

“FTAI’s expertise in the CFM and V2500 engine markets and bespoke approach have allowed us to maximise value for Avianca.”

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Colombia-based Avianca focuses on integrating passenger and cargo transportation airlines and on-ground services.

US-based FTAI owns and acquires quality infrastructure and equipment that is essential for the global transportation of goods and passengers. The company is managed by an affiliate of Fortress Investment Group, a diversified global investment firm.

The aviation business of FTAI focuses on mid-life aircraft and compatible engine types.

In April, United Technical Operations partnered with FTAI Aviation for PW4000-94 overhauls.

FTAI Aviation purchased surplus engines from United and chose the latter’s MRO Services for the programme.