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Press Release

GE Announces Completion of Combination of GECAS with AerCap, Receives Greater than $30 Billion Total Consideration

November 01, 2021

Deal marks GE’s transformation to a more focused, simpler, and stronger industrial company

BOSTON, Mass.—November 1, 2021—GE (NYSE:GE) announced today the completion of the combination of its GE Capital Aviation Services business (“GECAS”) with AerCap Holdings N.V. (“AerCap”). 

GE Chairman and CEO H. Lawrence Culp, Jr., said, “Completing this strategic transaction is a significant milestone in GE’s transformation to a more focused, simpler, stronger high-tech industrial company. This is a debt story today. The cash proceeds put us in a position to have reduced our debt by approximately $75 billion since the end of 2018, and we gain a meaningful stake in AerCap that we will monetize as the aviation industry recovers. And it is an equity story longer term, substantially simplifying GE to its industrial core. 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.”

Under the terms of the transaction agreement, GE received total consideration of greater than $30 billion upon closing, including approximately $23 billion in net cash proceeds; 111.5 million ordinary shares equivalent to approximately 46 percent ownership of the combined company, with a market value of approximately $6.6 billion based on the closing share price of $59.04 on October 29, 2021; and $1 billion paid in AerCap senior notes. 

Caution Concerning Forward-Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain.  For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see, as well as our annual report on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements.  

About GE
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers. 
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