News
AerCap rules the roost after GE Capital Aviation Services acquisition
November 2nd 2021
Dublin-based AerCap has become the world’s biggest aviation leasing company after completing its acquisition from General Electric (GE) of GE Capital Aviation Services (GECAS). Read More » The combined company will serve about 300 customers globally and becomes the biggest customer for manufacturers Airbus and Boeing. The merger results in AerCap holding a portfolio of more than 200 aircraft, more than 900 engines and over 300 helicopters. It has an order book of about 450 fuel-efficient aircraft and expects new technology airplanes to make up 75% of its fleet by 2024. AerCap chief executive, Aengus Kelly, described the acquisition as an important milestone that will generate benefits for 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,’’ he said. “Many years of dedication and commitment by AerCap and GECAS hard-working teams have produced an expanded portfolio 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 is unrivalled in the leasing industry.” The transaction gives General Electric 111.5 million newly issued AerCap shares, approximately US$23 billion in cash and US$1 billion of AerCap notes. General Electric now owns about 46% of AerCap's outstanding shares.
