Irish aircraft leasing company Fly Leasing Ltd. said on Monday that it closed its purchase on 49 planes for $1.4 billion, increasing its fleet to 109 aircraft.

Fly bought the planes from Global Aviation Asset Management, an Australian leasing company. The planes are mostly Airbus A320s and Boeing 737s, with an average age of 7.6 years, said Fly spokesman Matt Dallas.

Fly paid for the planes with cash. It assumed the debt that came with the aircraft.

Airlines that can't or don't want to buy planes directly lease them from companies like Fly.

The company said the newly purchased planes will immediately add to earnings per share after transaction costs. It also said the deal gives it a more diverse group of airline customers, with planes on lease to 53 airlines in 29 countries. Some of its customers include Qantas, British Airways, and Virgin America.

FLY said it is still looking for options to grow "prudently and strategically."

Shares of the Dublin-based company rose 12 cents to $12.29 in midday trading.