Today, GE announced the completion of the combination of GECAS with AerCap, marking a significant milestone in our efforts to solidify our financial position and focus on our industrial core.
As Larry and Carolina shared again during our Earnings call last week, we will use the proceeds of this transaction to further reduce debt, with total reduction since the end of 2018 now expected to reach approximately $75 billion. As a reminder, GE Capital will now be reported within Corporate, which simplifies the presentation of our results and moves us from three-column to one-column financial statement reporting. And GE will receive a 46% equity stake in AerCap, valued at approximately $6.6 billion as of October 29, which we will monetize as the aviation industry continues to recover.
As I hope you’ll see with today’s news, GE’s transformation to a more focused, simpler, stronger high-tech industrial company is accelerating. And as Larry said last week, “We still have work to do, and as we do it, we’re operating from a position of strength, serving customers in vital global markets with a focus on profitable growth and cash generation.”
Thank you for your continued interest in GE.
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