Wafra Inc, the New York-based global alternative asset manager with an office in Bermuda, has completed the acquisition of the Aquila Air Capital platform from Warburg Pincus, the global private equity firm.

The company entered into a definitive agreement to acquire a controlling interest in Aquila, the engine lessor, in October. Since then, Wafra has received all customary regulatory approvals to complete the transaction.

Al Wood, the chief executive of Aquila Air Capital, said: “This investment is a significant endorsement of our team’s hard work and the value our platform brings to the market.

“Our team is thrilled about the future growth prospects the partnership with Wafra will provide, enabling us to accelerate our expansion, introduce new offerings, and broaden our global customer base.”

Edward Tsai, the managing director, Wafra, said: “We are excited to close our acquisition of Aquila Air Capital and launch the next phase of its growth in partnership with Al and the entire Aquila team.

“The demand fundamentals for Aquila’s business in particular, and aviation equipment finance more broadly, are strong. Aquila is well positioned to continue successfully serving its global customer base.”