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AerCap Holdings NV, an aircraft leasing provider, has agreed to acquire GE Capital Aviation Services since General Power. The combined company will retain the AerCap name and GECAS will become an AerCap company.
Aengus Kelly, CEO of AerCap, said: “This combination will enhance our ability to provide attractive and innovative solutions for our customers and strengthen our cash flows, earnings and profitability. As the air travel recovery accelerates, this transaction represents a unique opportunity that we believe will create long-term value for our investors. This business combination will also strengthen our longstanding partnership with GE Aviation, with which we look forward to working closely in the future. “
President and CEO of GE, H. Lawrence Culp Jr.He said, “AerCap is the right partner for our exceptional GECAS team. The combination of these complementary franchises will generate strategic and financial value for both companies and their stakeholders. Together we are building an industry leading aviation lessor with the experience, scale and scope to better serve customers around the world, while GE gains both cash and advantages in the strongest combined company as the industry of aviation recovers. “
Citi Y Morgan stanley acted as financial advisor to AerCap. Cravath, Swaine & Moore LLP, NautaDutilh NV Y McCann Fitzgerald acted as legal advisor to AerCap.
