Irish aircraft leasing company AerCap Holdings has concluded the acquisition of 100% of General Electric’s GE Capital Aviation Services (GECAS).

The deal was announced in March.

General Electric secured around $23bn in cash, $1bn of AerCap notes, as well as 111.5 million AerCap shares.

Through this transaction, General Electric now has a nearly 46% ownership of the combined group.

As part of the deal, GE’s Jennifer VanBelle secured a seat on the AerCap board.

AerCap CEO Aengus Kelly said: “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.

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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.”

AerCap currently has a fleet of more than 2,000 aircraft, over 300 helicopters and more than 900 engines.

The consolidated entity will have a client base of nearly 300. In addition, it is said to be the ‘largest’ client of Airbus and Boeing.

GE chairman and CEO Lawrence Culp said: “The combination of GECAS and AerCap will deliver significant value for both companies and their stakeholders.

“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.”

For this transaction, Citi and Morgan Stanley served as the financial advisers to AerCap while legal advice was offered by Cravath, Swaine & Moore, NautaDutilh and McCann Fitzgerald.