AerCap Holdings N.V., the global leader in aircraft leasing, has announced that it has completed its acquisition of the GE Capital Aviation Services business (GECAS) from General Electric.
The acquisition positions AerCap as the worldwide industry leader across all areas of aviation leasing: aircraft, engines and helicopters. The combined company will serve approximately 300 customers around the world and will be the largest customer of Airbus and Boeing.
AerCap now has a portfolio of over 2,000 aircraft, over 900 engines and over 300 helicopters, as well as an order book of approximately 450 of the most fuel-efficient and technologically advanced aircraft in the world. The aircraft fleet represents approximately 90% of the assets of the combined company. New technology aircraft are expected to make up 75% of the aircraft fleet by 2024.
Under the terms of the transaction agreement, General Electric received 111.5 million newly issued AerCap shares, approximately $23 billion of cash and $1 billion of AerCap notes. General Electric now owns approximately 46% of AerCap’s outstanding shares.
In connection with the transaction, Jennifer VanBelle has joined the Board of Directors of AerCap, bringing the number of members serving on AerCap’s Board of Directors to 10.