UK-based private equity firm Cinven has agreed to fully exit Irish aircraft leasing business Avolon following its acquisition by Chinese company Bohai Leasing for an enterprise value of about $7.6 billion, according to a statement from the private equity firm on September 4.

Bohai, owned by HNA Group, has agreed to buy 100% of Avolon for $31 per share in cash - a 55% premium to the company's December 2014 initial public offering on the New York Stock Exchange.