FTAI Aviation buys 27 Boeing 737-700s from WestJet
FTAI Aviation has acquired 27 Boeing 737-700 aircraft from WestJet, ten of them off-lease and the rest tied to a sale-and-leaseback arrangement, as the Canadian carrier begins retiring the type.
Boeing 737 (all variants)Boeing 737 (all variants)
Lessor and aftermarket specialist FTAI Aviation has taken 27 Boeing 737-700s off WestJet's hands, a deal the buyer describes as among the biggest aircraft transactions it has completed.
The purchase was made through FTAI's second investment vehicle, which focuses on acquiring older narrowbody Boeing 737s and Airbus A320s that remain on lease.
Ten of the 737-700s are no longer under lease. Those airframes will have their CFM International CFM56-B engines taken off so the powerplants can be fed into FTAI's aerospace products arm, which provides engines and modules to MRO and exchange customers.
The other 17 aircraft stay on lease with WestJet under a sale-and-leaseback structure.
WestJet Group chief financial officer Mike Scott said the transaction marks the formal start of the airline's 737-700 fleet retirement and that the carrier expects to keep working with FTAI.
The Calgary-based airline signalled earlier this year that it would speed up the withdrawal of its 737-700s as fuel costs stayed high, replacing them with 737 Max aircraft. WestJet anticipates receiving 17 Max 8s plus one Max 10 during 2026.
Its firm order book covers 108 Max 8 and Max 10 jets.
Sources
- flightglobal.comFTAI Aviation acquires 27 older Boeing 737s from WestJet