Miami's I Squared plans venture with planes worth $1.4 billion

I Squared Capital, a Miami-headquartered infrastructure investor managing more than $60 billion, has agreed to launch Constellation Aviation with aircraft lessor Avolon and a unit of the Abu Dhabi Investment Authority, the emirate's sovereign wealth fund, the companies announced Nov. 2. The venture expects to buy 22 planes from Avolon, worth $1.4 billion at current market value and leased to 17 airlines in 15 countries. Avolon would keep a minority stake and manage the planes.

Why it matters: a Miami firm would join Abu Dhabi's state fund in owning planes leased to airlines. The deal still needs regulatory approval. Advisers: Mizuho and law firm Milbank for the investors; law firm Clifford Chance for Avolon.