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AerCap Completes Acquisition of GE Capital Aviation Services

Updated: Nov 2, 2021

AerCap has completed the acquisition of GE Capital Aviation Services (GECAS) from GE, positioning the company as the global leader in all areas of aviation leasing, including aircraft, engines and helicopters.

AerCap Completes Acquisition of GECAS on November 1st, 2021 - Courtesy AerCap/GECAS

On Monday (November 1, 2021), AerCap Holdings N.V. announced the completion of the acquisition of GE Capital Aviation Services (GECAS) from GE. The strategic combination positions the company as the worldwide industry leader across all areas of aviation leasing, including aircraft, engines and helicopters. The combined company becomes the largest customer of Airbus and Boeing and will serve approximately 300 customers worldwide. AerCap now has a portfolio of over 2,000 aircraft, 900 engines, and more than 300 helicopters, as well as an order book of approximately 450 new generation aircraft. By 2024, around 75 percent of AerCap’s fleet will consist of the most fuel-efficient and technologically advanced aircraft in the world.

In Monday’s announcement, AerCap’s Chief Executive Officer, Aengus Kelly, said,

“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. 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.”

“Many years of dedication and commitment by AerCap and GECAS’s hard-working teams have produced an expanded portfolio comprised of the industry’s most in-demand aviation assets. Our scale and capabilities enable us to provide comprehensive, innovative, and tailor-made fleet solutions to our customers that are unrivaled in the leasing industry. I would like to thank Larry Culp and his team at GE and the entire team at GECAS, led by Greg Conlon, for their support and cooperation throughout this process.”

As part of the transaction agreement, GE received 111.5 newly issued AerCap shares, approximately $23 billion in cash and $1.0 billion in AerCap notes. General Electric now owns around 46 percent of AerCap’s outstanding shares. In connection with the transaction, Jennifer VanBelle has joined AerCap’s Board, expanding the company’s Board of Directors to 10 members. Citi and Morgan Stanley acted as financial advisors for the transaction, while Cravath, Swaine & Moore LLP, NautaDutilh N.V. and McCann Fitzgerald LLP acted as legal advisors to AerCap.

AerCap Holdings N.V. (NYSE: AER) is the global leader in aircraft leasing and maintains one of the most attractive order books in the industry. The company serves around 300 customers in 80 countries with comprehensive fleet solutions. AerCap is headquartered in Dublin and maintains offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.

Source: AerCap Holdings N.V.


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