Dublin-based aircraft leasing giant AerCap has completed the acquisition of General Electric’s plane leasing unit.
he deal positions AerCap as the worldwide industry leader across all areas of aviation leasing: aircraft, engines and helicopters.
The combined company will serve around 300 customers around the world and will be the largest customer of Airbus and Boeing, according to a statement from AerCap.
AerCap now has a portfolio of over 2,000 aircraft, over 900 engines and over 300 helicopters, as well as an order book of approximately 450 aircraft. The aircraft fleet represents approximately 90pc of the assets of the combined company.
Under the terms of the deal General Electric received 111.5 million newly issued AerCap shares, approximately $23bn (€20bn) of cash and $1bn of AerCap notes.
General Electric now owns approximately 46pc of AerCap’s outstanding shares.
“Completion of this transaction represents an important milestone for AerCap that will generate benefits for our customers, partners, employees and investors for many years to come,” Aengus Kelly, CEO of AerCap, said.
“In GECAS, AerCap has acquired the right business, for the right price, at the right time, as air travel continues to recover from the pandemic and demand for aircraft leasing continues to accelerate.”
As part of the deal, Jennifer VanBelle, a senior executive at GE Capital, has joined the board of directors of AerCap, bringing the number of members serving on AerCap’s board to 10.
Dublin-based AerCap is listed on the New York Stock Exchange. The company has offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle, Toulouse and other locations around the world.