General Electric, AerCap join air leasing businesses in $30 billion deal
General Electric is combing its aircraft leasing business with Ireland’s AerCap Holdings in a deal valued at more than USD 30 billion, a big step in what has become a six year endeavor to reshape the one-time global conglomerate.
The agreement to push GE Capital Aviation Services, or GCAS, into a separate business puts GE closer to its goal of shedding most of its enormous financial wing that nearly sank it during the 2008 financial crisis.
AerCap will pay about USD 24 billion in cash for GCAS, and GE will take an approximately 46 per cent ownership stake in combined company, and USD 1 billion paid in AerCap notes or cash at closing.
