NEW YORK (TheStreet) -- CIT (CIT - Get Report) is nearing a deal to sell its aircraft leasing unit to Avolon, the aircraft leasing brand for Chinese conglomerate HNA, for $3 billion to $4 billion, sources told Reuters.
CIT's commercial air unit is one of the 10 largest aircraft lessors in the world with roughly 330 planes and serves customers like Delta Air Lines (DAL).
Century Tokyo Leasing and Ping An Insurance had previously competed to purchase the Livingston, NJ-based banking company's unit.
The deal with Avolon could be announced as early as this week, according to sources cited by Reuters.
Shares of CIT closed higher on Friday.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, attractive valuation levels, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: CIT