EU Approves AerCap's Acquisition Of GE's Aircraft Leasing Business

The European Commission has approved the acquisition of sole control over GE Capital Aviation Services or 'GECAS', of the US, and of joint control over Shannon Engine Support Limited or 'SES', of Ireland, by AerCap Holdings N.V., of The Netherlands.

GECAS, owned by General Electric Company (GE) of the US, is active in the commercial aircraft leasing and financial industry, offering a broad array of leasing and financing products and services for commercial aircraft, turboprops, aircraft engines, helicopters and materials.

SES is a lessor of aircraft engines jointly controlled by GE and Safran Aircraft Engines of France. AerCap's primary business is the leasing of commercial aircrafts.

The transaction entails the acquisition by AerCap of GECAS and GE's interest in SES.

As part of the transaction, GE will receive a 46% stake in AerCap.

The Commission concluded that the transaction would raise no competition concerns given its limited impact on the markets concerned.

In March 2021, Irish aircraft-leasing group AerCap Holdings announced that it has entered into a definitive agreement with General Electric (GE), under which AerCap would acquire 100% of GE Capital Aviation Services (GECAS), GE's aircraft-leasing business. The deal is reportedly valued at more than $30 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
General Electric Company (GE) said it delivered a strong third quarter as orders grew, and margins continued to improve from a year ago. Adjusted GE Industrial organic profit increased 54% year-on-year, organically, driven primarily by increases at Aviation and Power, partially offset by decreases at... Ward Hill, Massachusetts-based Cedar's Mediterranean Foods is recalling Cedar's Organic Mediterranean Hommus citing undeclared pine nut, an allergen, the U.S. Food and Drug Administration said. The Cedar's Organic Mediterranean Hommus is packaged in a 10 oz. plastic container, with a UPC Code: 044115403028. Shares of UBS Group AG were gaining around 2 percent in Swiss trading after the banking major reported Tuesday higher profit in its third quarter with growth in net interest income. Further, the company said it intends to repurchase up to $0.6 billion of shares during the fourth quarter. The company will provide strategic update on February 1, 2022.
Follow RTT