Genesis, the Dublin-based aircraft leasing company, has announced the acquisition of six Boeing 737-800 aircraft.
This purchasing move forms part of a Purchase and Leaseback transaction with Calgary-based WestJet, and marks the beginning of a contractual partnership between the two entities.
The procurement forms a part of the Canadian carrier’s overall growth plan. This transaction effectively marks the first collaboration between WestJet and the lessor Genesis.
The acquisition of six Boeing 737-800 aircraft further enhances the Genesis portfolio with next generation commercial assets.
Genesis CEO Statement
Karl Griffin, CEO of Genesis, expressed his delight at welcoming the airline onboard as a new client. He stated, “I am delighted to welcome WestJet as a new customer to Genesis, and we look forward to further supporting WestJet as their fleet continues to grow over the coming years.”
Griffin highlighted the challenge accepted by Genesis to deliver a turnkey Purchase and Leaseback solution to WestJet before year-end, praising the team for executing this commitment ahead of the holiday season.
WestJet Fleet Growth Plans
Aaron McKay, Vice-President Treasury and Fleet at WestJet, emphasized the airline’s strong intentions to expand its 737 fleet in the coming years.
He expressed appreciation for Genesis’ support of the Canadian airline’s ongoing fleet plans and conveyed anticipation for the future of this partnership.
A Turnkey Solution
The Purchase and Leaseback transaction signifies a turnkey solution provided by Genesis to WestJet. This approach allows the carrier to optimize its fleet while maintaining financial flexibility.
The acquisition of the Boeing 737-800 aircraft provides WestJet with modern and fuel-efficient assets, aligning with industry standards and environmental considerations.
Future Prospects and Partnership
As the airline looks to the future with intentions of fleet expansion, Genesis positions itself as a reliable partner, offering comprehensive leasing solutions.
The acquisition of these aircraft not only contributes to WestJet’s growth strategy but also opens the door for potential future collaboration between the airline and Genesis.
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