Orix Corp. said Wednesday it will buy a 30 percent stake in aircraft leasing firm Avolon Holdings Ltd. from China's HNA Group Co. Ltd. for $2.2 billion.

The acquisition is aimed at boosting its presence in the global aircraft leasing market, where demand is expected to grow on the back of a rise in low-cost carriers and passenger traffic, it said in a statement.

Orix will buy the stake through its fully owned aircraft leasing unit, Orix Aviation Systems Ltd. Dublin-based Avolon ranks as the world's third-largest aircraft leasing firm, while Orix Aviation ranks 12th, according to Orix.

The transaction is expected to be completed by November, pending regulatory approvals, Orix said.

Avolon is owned by Bohai Capital, which is controlled by HNA.