General Electric has agreed to merge GE Capital Aviation Services with Dublin-based AerCap Holdings NV in a $30 billion deal that was crafted by six law firms and stands to create a premier player in the aircraft leasing space, the companies said Wednesday.
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.
Updated / Wednesday, 10 Mar 2021
16:16
Aengus Kelly, the CEO of Ireland s AerCap Holdings (Pic:RollingNews.ie)
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.
The two companies announced a deal today after days of speculation surrounding the takeover of GE s leasing arm GECAS to create a portfolio of more than 2,000 jets, dwarfing industry rivals.
The tie-up creates easily the largest buyer of jetliners built by planemakers Airbus and Boeing.
It will reshape a global air finance industry that has attracted a flood of capital in recent years as investors elsewhere look for higher returns.
(March 10): 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 US$30 billion to buy the leasing business of General Electric . The two companies, which tied the knot on Wednesday after days of speculation surrounding a takeover of GE's leasing arm GECAS, together control more than 2,000 jets, dwarfing rivals.