AIR TRANSPORT

AerCap to Acquire GE Capital Aviation Services

AerCap, GE Capital Aviation Services | March 15, 2021

AerCap to Acquire GE Capital Aviation Services
AerCap Holdings N.V. the global leader in aircraft leasing, announced today that it has entered into a definitive agreement with General Electric  under which AerCap will acquire 100% of GE Capital Aviation Services, a GE business. 

The combined company will be an industry leader across all areas of aviation leasing, with over 2,000 owned and managed aircraft, over 900 owned and managed engines, over 300 owned helicopters and approximately 300 customers around the world. 

Aengus Kelly, Chief Executive Officer of AerCap, said, "We are excited about this opportunity to bring together two leaders in aviation leasing. AerCap and GECAS both have industry-leading teams, attractive portfolios, diversified customer bases and order books of the most in-demand new technology assets. This combination will enhance our ability to provide innovative and attractive solutions for our customers and will strengthen our cash flows, earnings and profitability.

"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, this transaction represents a unique opportunity that we believe will create long-term value for our investors," added Mr. Kelly. "This business combination will also strengthen our longstanding partnership with GE Aviation, which we look forward to working with closely in the future." 

Key Strategic Benefits

The transaction provides the following key strategic benefits:

• Leading aircraft leasing platform with expanded customer breadth and reach, given AerCap and GECAS's complementary customer bases with limited overlap.
• Best-in-class trading platform with deep market insight and relationships: over the past four years AerCap and GECAS have sold on average over $5 billion of assets per year.
• Narrowbody aircraft will represent approximately 60% of the combined aircraft fleet.
• New technology aircraft will represent approximately 56% of the combined in-service fleet, expected to grow to approximately 75% in 2024.
• Attractive order book of 493 new technology aircraft, more than 90% of which are narrowbodies.
• Premier engine leasing business adds revenue diversification and greater ability to provide innovative solutions to our airline customers.

About AerCap
AerCap is the global leader in aircraft leasing. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.

About GECAS
GE Capital Aviation Services (GECAS) is a world-leading aviation lessor and financier. For over five decades, we have partnered with our customers to find solutions to their challenges and helped their businesses to thrive. Whether your need is for narrow or widebody aircraft, regional jets, turboprops, freighters, engines, helicopters or materials, our name has become synonymous with trusted relationships, domain expertise and an ability to execute. GECAS offers a broad array of financing products and services on these assets including operating leases, purchase/leasebacks, capital markets, and airframe parts management. GECAS owns, services or has on order approximately 1,700 aircraft.

Spotlight

Our industry is set to double in size by 2035. IATA’s role is to facilitate the growth of civil aviation and cut airline costs by creating a better regulatory and business environment for our member airlines, and the stakeholders of the air cargo industry.

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