AerCap Holdings N.V. Shareholders Approve Acquisition of
GE Capital Aviation Services
The Dublin based AerCap Holdings N.V. confirmed on Wednesday that the leasing giant's shareholders has given their approval for a previously announced acquisition of GE Capital Aviation Services GECAS, a General Electric business, at the Annual General Meeting of Shareholders held earlier in the day.
Of course, the transaction remains subject to the receipt of necessary regulatory approvals and to the satisfaction of other customary closing conditions. Although, nobody is expecting things to go wrong with the take over which is expected to be completed in good order by the end of the year.
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."
Key aspects of the joint company: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.
All other proposals made to the shareholders at the Annual Meeting were approved, AerCap also reported.
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