Dublin-based Aercap completes deal to become world’s biggest aircraft lessor

Dublin-based Aercap completed its €25 billion takeover of rival GE Capital Aviation Services (Gecas) to create the world's biggest aircraft leasing business.

Aercap agreed in March to buy its rival from US giant General Electric (GE) for $30 billion (€25bn) in cash and shares.

The company confirmed on Monday that it had completed the deal, giving it a fleet of more than 2,000 planes, 900 engines and 300 helicopters, along with an order book of 450 more aircraft.

Irishman Aengus Kelly, Aercap's chief executive, said the deal marked a significant milestone for the company.

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“In Gecas Aercap has acquired the right business, for the right price, at the right time, as air travel continues to recover from the pandemic and demand for aircraft leasing continues to accelerate.”

H Lawrence Culp jr, GE chairman and chief executive, predicted that the deal would deliver significant value for both companies and their shareholders.

GE received 111.5 million newly-issued AerCap shares, about $23 billion of cash and $1 billion of AerCap notes.

The US group now owns around 46per cent of Aercap’s outstanding shares.

Announcing the transaction in March, Aercap noted that it was subject to competition regulators’ approval in many jurisdictions, but predicted that it would go through in the final quarter of this year.

The takeover cleared key hurdles in the summer when authorities in the EU and US approved the deal.