Aircraft financial services company Global Jet Capital has signed a deal to buy GE’s fixed-wing corporate aircraft financing unit for around $2.5bn.

It has a portfolio of more than 300 fixed-wing aircraft across the US, Canada, Mexico and Latin America, including loans and leases.

Under the deal, Global Jet Capital will also retain a team of experienced GE employees who have been involved in the business.

GE Capital chairman and CEO Keith Sherin said: "Today’s announcement is another testament to the speed and value we are delivering as we execute on our strategy to sell most of the assets of GE Capital.

"Global Jet Capital is a well-backed private equity player eager to expand its corporate aircraft portfolio.

"Their resources will provide tremendous value to the portfolio and greatly benefit our customers."

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"This is a prime example of our industry expertise and investment capital coming together to evaluate and identify an opportunity to expand."

As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling the majority of GE Capital’s assets.

GE and its board of directors considers current market conditions as favorable so will pursue these dispositions. It will retain the financing businesses that directly relate to GE’s industrial sectors, including GE Capital Aviation Services, which primarily finances commercial aircraft.

Global Jet Capital executive director Shawn Vick said: "We are investing heavily in growing the business both organically and through strategic acquisitions, such as this one with GE.

"This is a prime example of our industry expertise and investment capital coming together to evaluate and identify an opportunity to expand the business in a disciplined, carefully measured way.

"This is a remarkable portfolio of corporate aviation assets, and this investment underlines our confidence in the long-term growth prospects of the large cabin, long-range private jet market."

The price of new aeroplanes ranges from $25 to $75m, and Global Jet Capital believes more companies would prefer to rent than buy high-end luxury planes.