The parent of Newport Beach-based Pacific Life Insurance Co. made official its bid for Seattle’s Boullioun Aviation Services on Wednesday.
Pacific LifeCorp said it plans to buy Boullioun from Germany’s WestLB AG in a deal expected to be worth about $2 billion. The buy is expected to wrap up in June.
Aviation Capital Group, a Pacific LifeCorp unit, is buying Boullioun. Both own, manage and lease aircraft.
Under the deal, Aviation Capital is set to pick up 102 owned or managed commercial aircraft and 11 planes on order from Airbus SAS. That stands to double the aircraft fleet of Aviation Capital.
The buy is part of a larger diversification by Pacific LifeCorp, who biggest unit is life insurer Pacific Life.
Last year, the company paid for $40 million for 49% of New York’s Asset Mangement Financial, a financier of money mangers.
And more acquisitions could be in the future. Some observers have speculated
Pacific Life is on the shortlist of potential suitors for American Express
Financial Advisors.
Pacific Life recently completed the sale of its health insurance business to Cypress-based PacifiCare Health Systems Inc. for an undisclosed amount.
