Aircraft leasing company AerCap has signed a definitive agreement with General Electric to acquire 100% of GE Capital Aviation Services.
Under the terms of the agreement, GE will receive 111.5 million newly issued AerCap shares, $24 billion of cash and $1 billion of AerCap notes and/or cash. On completion of the transaction, GE will own approximately 46% of the combined company and will be entitled to nominate two directors to the AerCap Board of Directors.
The combined company will have over 2,000 owned and managed aircraft, over 900 owned and managed engines, over 300 owned helicopters and approximately 300 customers around the world.
“We are excited about this opportunity to bring together two leaders in aviation leasing. AerCap and GECAS both have industry-leading teams, attractive portfolios, diversified customer bases and order books of the most in-demand new technology assets,” said Aengus Kelly, Chief Executive Officer of AerCap. “This combination will enhance our ability to provide innovative and attractive solutions for our customers and will strengthen our cash flows, earnings and profitability.
“GECAS is a highly attractive business and this transaction continues our strong track record of capital allocation. As the recovery in air travel gathers pace, this transaction represents a unique opportunity that we believe will create long-term value for our investors,” added Mr. Kelly.
“AerCap is the right partner for our exceptional GECAS team. Combining these complementary franchises will deliver strategic and financial value for both companies and their stakeholders,” said GE Chairman and CEO, H. Lawrence Culp, Jr.. “Together we’re creating an industry-leading aviation lessor with expertise, scale and reach to better serve customers around the world, while GE gains both cash and upside in the stronger combined company as the aviation industry recovers.”
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