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AerCap’s buyout of GECAS signed, sealed and expected to be delivered
March 11th 2021
Aircraft lessor, AerCap, said overnight it had signed a definitive agreement to buy rival lessor, General Electric's GE Capital Aviation Services (GECAS). Read More » GE will receive 111.5 million newly issued AerCap shares valued at US$5.95 billion based on AerCap's closing price of US$53.39 on the New York Stock Exchange yesterday, US$24 billion in cash and US$1 billion of AerCap notes and/or cash in the deal.
"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, it represents a unique opportunity we believe will create long-term value for our investors," AerCap CEO, Aengus Kelly, said.
GE CEO, Lawrence Culp Jr, said: "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."
