AerCap had become a super lessor by acquiring GECAS

Created on 03.11.2021 16:39

Dublin-based AerCap completed the $30 billion acquisition of GE Capital Aviation Services (GECAS) from General Electric, thereby creating the world's largest lessor with a fleet of more than 2,000 aircrafts. AerCap announced the planned takeover of its main competitor in March 2021, laying the foundation for almost quadrupled provider Avolon (part of the HNA Group) with a fleet of 550 aircrafts.

“In behalf of GECAS, AerCap has acquired the appropriate business at the right time since the air service recovers from the pandemic and demand for aircraft leasing continues growing,” said Angus Kelly, President of AerCap, thereby announcing the last transaction on November 1. By 2024, 75% of the AerCap fleet will consist of modern aircrafts.

Currently, AerCap's portfolio includes more than 2 thousand aircrafts, 900 engines and 300 helicopters, 450 ordered aircrafts. The consolidated company will serve nearly 300 customers worldwide, being the largest customer for Airbus and Boeing. GE sold GECAS for $ 23 billion in cash and $ 1 billion in AerCap bonds, representing 111.5 million new AerCap shares. Following the deal, GE owns approximately 46% of AerCap.

Following the debis AirFinance in 2005, this is the fourth acquisition in AerCap's history, Genesis Lease in 2009 and finally the International Lease Financing Corporation (ILFC) in 2013.

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