GE’s $30bn sale of jet-leasing unit to rival AerCap set to reshape Covid-hit market
The deal signals the end of GE Capital, the company’s once-mighty finance unit
10 March 2021 - 17:32
New York — General Electric (GE) agreed on Wednesday to sell its jet-leasing business to rival AerCap, bringing together the world’s two biggest aircraft financiers in a deal that’s poised to reshape a market already roiled by the coronavirus pandemic.
Under the deal, valued at more than $30bn, GE will receive $24bn in cash plus 111.5-million shares, equivalent to a 46% equity stake in the combined entity, according to a statement on Wednesday. GE will get an additional $1bn from AerCap in either cash or debt when the transaction closes...
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