Leasing group Aircastle will buy 38 aircraft worth US$1.6 billion from Guggenheim Aviation. The deal includes 12 freighters, of which 11 are 747-400 aircraft and one MD-11SF. The remaining 26 aircraft are passenger aircraft.

The proposed deal will almost double the size of Aircastle's fleet. Steve Rimmer, Guggenheim Aviation's chief executive, described the move as an "opportunistic sale", though the group will remain in the sector through a fleet of 19 aircraft which it owns or has on order.

"This is a transformational investment for Aircastle. This acquisition significantly increases the asset base of our company and establishes a meaningful presence in the cargo sector, which we believe combines revenue stability with material potential for growth," commented Ron Wainshal, chief executive officer of Aircastle.

Aircastle already leases freighters to Martinair, Emirates and KLM.