Bohai Leasing, a unit of China’s aviation giant HNA, is buying the Irish aircraft leasing company Avolon Holdings for about $2.5 billion.

The leasing group will pay $31 per share in the deal that includes the assumption of debt and has a total enterprise value of about $7.6 billion.

The price is lower than the $32 discussed by the firms in August due to the “volatility” in the equity markets.

Chinese leasing companies have expanded as local carriers introduce more routes.

Most of them are backed by state-owned banks.

The two companies had been in negotiations about a deal since July and shares of Avolon have risen more than 20% since the talks began.

Avolon chairman Denis Nayden said in a statement: “We believe Bohai will enhance Avolon’s profile, positioning and relationships in the Chinese aviation market – a market which we believe offers one of the most compelling growth opportunities in global aviation over the next two decades.”

The Dublin-based company owned or managed 152 aircraft and had more than 100 more on order as of June.

Meanwhile, HNA is China’s fourth-largest aviation group and has interests in airlines such as Hong Kong Airlines and Hainan Airlines.

Bohai Leasing and Avolon deal is expected to be finalized by Q1 2016.