DUBLIN, Nov. 1, 2021 /PRNewswire/ -- AerCap Holdings
N.V. ("AerCap") (NYSE: AER), the global leader in aircraft leasing,
announced today that it has completed its acquisition of the GE
Capital Aviation Services business ("GECAS") from General Electric
(NYSE: GE).
The acquisition positions AerCap as the worldwide industry
leader across all areas of aviation leasing: aircraft, engines and
helicopters. The combined company will serve approximately 300
customers around the world and will be the largest customer of
Airbus and Boeing.
AerCap now has a portfolio of over 2,000 aircraft, over 900
engines and over 300 helicopters, as well as an order book of
approximately 450 of the most fuel-efficient and technologically
advanced aircraft in the world. The aircraft fleet represents
approximately 90% of the assets of the combined company. New
technology aircraft are expected to make up 75% of the aircraft
fleet by 2024.
"Completion of this transaction represents an important
milestone for AerCap that will generate benefits for our customers,
partners, employees and investors for many years to come," said
Aengus Kelly, Chief Executive Officer of AerCap. "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."
Mr. Kelly continued, "Many years of dedication and commitment by
AerCap and GECAS's hard-working teams have produced an expanded
portfolio comprised of the industry's most in-demand aviation
assets. Our scale and capabilities enable us to provide
comprehensive, innovative, and tailor-made fleet solutions to our
customers that are unrivaled in the leasing industry. I would like
to thank Larry Culp and his team at
GE and the entire team at GECAS, led by Greg Conlon, for their support and cooperation
throughout this process," Mr. Kelly concluded.
"The combination of GECAS and AerCap will deliver significant
value for both companies and their stakeholders," said H.
Lawrence Culp, Jr., Chairman and CEO
of GE. "This strategic transaction marks significant progress in
GE's transformation to a more focused, simpler, stronger high-tech
industrial company, and I'd like to thank AerCap and the
exceptional GECAS team for their support in creating the combined
company that will better serve customers around the world."
Transaction Highlights
Under the terms of the
transaction agreement, General Electric received 111.5 million
newly issued AerCap shares, approximately $23 billion of cash and $1 billion of AerCap notes. General Electric now
owns approximately 46% of AerCap's outstanding shares.
In connection with the transaction, Jennifer VanBelle has joined the Board of
Directors of AerCap, bringing the number of members serving on
AerCap's Board of Directors to 10.
Advisors
Citi and Morgan Stanley acted as financial
advisors and Cravath, Swaine & Moore LLP, NautaDutilh N.V.
and McCann Fitzgerald LLP acted as legal advisors to
AerCap.
About AerCap
AerCap is the global leader in aviation
leasing with one of the most attractive order books in the
industry. AerCap serves approximately 300 customers around the
world with comprehensive fleet solutions. AerCap is listed on the
New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu
Dhabi, Seattle, Toulouse
and other locations around the world.
Forward-Looking Statements
This press release contains
certain statements, estimates and forecasts with respect to future
performance and events. These statements, estimates and forecasts
are "forward-looking statements". In some cases, forward-looking
statements can be identified by the use of forward-looking
terminology such as "may," "might," "should," "expect," "plan,"
"intend," "estimate," "anticipate," "believe," "predict,"
"potential" or "continue" or the negatives thereof or variations
thereon or similar terminology. All statements other than
statements of historical fact included in this press release are
forward-looking statements and are based on various underlying
assumptions and expectations and are subject to known and unknown
risks, uncertainties and assumptions, and may include projections
of our future financial performance based on our growth strategies
and anticipated trends in our business. These statements are only
predictions based on our current expectations and projections about
future events, including the impacts of, and associated responses
to: the Covid-19 pandemic; our ability to successfully integrate
GECAS' operations and employees and realize anticipated synergies
and cost savings; and the potential impact of the consummation of
the proposed GECAS transaction on relationships, including with
employees, suppliers, customers and competitors. There are
important factors that could cause our actual results, level of
activity, performance or achievements to differ materially from the
results, level of activity, performance or achievements expressed
or implied in the forward-looking statements. As a result, we
cannot assure you that the forward-looking statements included in
this press release will prove to be accurate or correct. In light
of these risks, uncertainties and assumptions, the future
performance or events described in the forward-looking statements
in this press release might not occur. Accordingly, you should not
rely upon forward-looking statements as a prediction of actual
results and we do not assume any responsibility for the accuracy or
completeness of any of these forward-looking statements. Except as
required by applicable law, we do not undertake any obligation to,
and will not, update any forward-looking statements, whether as a
result of new information, future events or otherwise.
For more information regarding AerCap and to be added to our
email distribution list, please visit www.aercap.com and follow us
on Twitter www.twitter.com/aercapnv.
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SOURCE AerCap Holdings N.V.