(Bloomberg) -- Macquarie Group Ltd. is exploring the sale of its helicopter leasing business, according to people with knowledge of the matter. 

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The Australian company has begun soliciting interest from potential buyers in the unit, known as Macquarie Rotorcraft, which could fetch about $1.2 billion in a transaction, said the people, who requested anonymity to discuss confidential information. No final decisions have been made and it’s possible Macquarie could decide not to sell the unit, one of the people said.

A Macquarie spokesman declined to comment. 

Macquarie Rotorcraft, led by Chief Executive Officer John Petkovic, provides financing and leases for new and used twin-engine helicopters made by companies including Airbus SE and Leonardo, its website shows. In 2018, Macquarie agreed to buy Limerick, Ireland-based helicopter lessor Waypoint Leasing Holdings Ltd. and certain subsidiaries for about $650 million, describing it as a “transformative” development for the Rotorcraft business. 

Asset managers have long favored aviation-related leasing, which is part of the booming private credit market. In July, HPS Investment Partners agreed to buy Chorus Aviation Inc.’s regional aircraft leasing business for about $1.4 billion. In October, Wafra Inc. invested in Aquila Air Capital, which focuses on leasing engines and other aviation equipment. 

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