Irish lessor AerCap has acquired GECAS in a transaction that makes it the industry’s largest leasing company.
AerCap now manages assets worth a combined U$75bn, with its portfolio consisting of 2,000 aircraft, 900 engines and 300 helicopters in service. It has also become the biggest single customer for both Airbus and Boeing, holding more than 450 aircraft orders with the two major commercial aircraft suppliers.
CEO Aengus Kelly commented: “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.”
AerCap previously expanded in 2014 when it acquired ILFC, but Kelly said the newly enlarged company’s scale enables it to provide an “unrivalled” fleet and “comprehensive, innovative and tailor-made” offers to its clients.
Kelly said the acquisition has been made “at the right time, as air travel continues to recover from the pandemic and demand for aircraft leasing continues to accelerate”.
Under the terms of the transaction, General Electric received 111.5 million newly issued AerCap shares, approximately $23bn in cash and $1bn of AerCap notes. GE also now has a 46% stake in AerCap.