AerCap Holdings N.V., a provider of aircraft leasing, has agreed to acquire GE Capital Aviation Services from General Electric. The combined company will retain the name AerCap, and GECAS will become a business of AerCap.
Aengus Kelly, chief executive officer of AerCap, said, “This combination will enhance our ability to provide innovative and attractive solutions for our customers and will strengthen our cash flows, earnings and profitability. 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. This business combination will also strengthen our longstanding partnership with GE Aviation, which we look forward to working with closely in the future.”
GE Chairman and CEO, H. Lawrence Culp Jr., said, “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. 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.”
Citi and Morgan Stanley acted as financial advisors to AerCap. Cravath, Swaine & Moore LLP, NautaDutilh NV and McCann Fitzgerald acted as legal advisors to AerCap.