NEW YORK – Canadian airline WestJet has begun retiring its Boeing 737-700 fleet with the sale of 27 aircraft to lessor FTAI Aviation Ltd., including 17 in a sale-leaseback transaction, FTAI said Monday. Ten airplanes will be off lease.
WestJet currently lists 30 Boeing 737-700s in its fleet, meaning the transaction covers all but three of the type.
The 10 off-lease aircraft will support FTAI’s Aerospace Products business by expanding its supply of CFM56-7B engines and modules for its maintenance, repair and exchange customers, the company said.
FTAI added that the transaction is one of its largest aircraft acquisitions to date and combines its airplane ownership business with its engine maintenance capabilities.
“We are pleased to expand our relationship with WestJet through this transaction,” FTAI President David Moreno said.
WestJet Group Executive Vice President and Chief Financial Officer Mike Scott said the transaction marks the start of the airline’s retirement of its 737-700 fleet.
“We’re pleased to partner with FTAI Aviation Ltd. to make this happen, and we look forward to building on this relationship for future opportunities,” Scott said.
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