(Reuters) – Ireland’s AerCap Holdings NV on Tuesday confirmed ongoing discussions with General Electric Co to acquire its aircraft leasing business.
The North American company, known as GE Capital Aviation Services or GECAS, is one of the largest jet leasing companies in the world. It rents passenger aircraft made by companies like Boeing Co and Airbus SE.
Reuters reported on Monday that AerCap and General Electric are discussing an agreement to forge an industry titan with more than 2,000 jets, citing people familiar with the matter.
AerCap said the outcome of the negotiations has not yet been determined and there can be no guarantee that an agreement will be reached.
“No further statements will be made by the issuers or the company on this matter until the conclusion of these discussions,” the Irish jet leasing company said in a statement.
GE and AerCap, the two largest aircraft rental companies in the world, are paving the way for the major overhaul of aircraft leasing in nearly a decade.
This is when the COVID-19 pandemic is expected to transfer a larger part of the world’s fleet of destroyed airlines to the leasing industry, which already holds about half of Airbus and Boeing deliveries.
Reporting by Shreyasee Raj; Bernard Orr’s Edition