General Electric Co will "over time" sell its stake in a new financing giant, which will be set up following the merger of its aircraft-leasing business with Ireland's AerCap Holdings NV, the company's chief executive told Reuters.
The transaction, which simplifies GE and focuses it on its industrial core power, renewable energy, aviation, and health care – is the latest in a series of divestitures Chief Executive Officer Larry Culp has undertaken
The world's two largest aircraft leasing companies are combining to create a new financing giant after Ireland's AerCap finalised a deal worth more than $30 billion to buy the leasing unit of General Electric.
Pushing GE Capital Aviation Service into a separate business puts GE closer to shedding most of the financial wing that nearly sank it during the 2008 financial crisis.