Finnair has signed a memorandum of understanding on sale and leaseback of two Airbus 330 aircraft and two Airbus 350 aircraft.

The deal was signed with global aircraft leasing and financing company GECAS and is valued at approximately EUR 320 million.

The financial arrangement is a part of the long-haul fleet renewal program, in which the current Airbus 330 and 340 fleet will be replaced by the new generation of Airbus 350 aircraft.

The divestment of the existing A330 and A340 fleet as a whole is not expected to have a significant impact on earnings in 2014 and 2015.

The sale and leaseback agreements for the two A330 aircraft are expected to be concluded in the first half of 2014 and for the two A350 aircraft in H2 2015, when the first two A350s ordered by Finnair are delivered.

The lease term for all four aircraft is 12 years on average and the lease terms have extension options.

The proceeds from the arrangement will be used to finance Finnair’s future fleet investments.

Finnair has ordered eleven A350s and has options for eight additional aircraft.