(Reuters) – Ireland’s AerCap Holdings NV on Tuesday confirmed ongoing talks with General Electric Co. to acquire its aircraft rental business.
The American business, known as GE Capital Aviation Services or GECAS, is one of the largest aircraft rental companies in the world. Rent passenger planes manufactured by companies such as Boeing Co and Airbus SE.
Reuters reported Monday that AerCap and General Electric are discussing a deal to forge an industry titan with more than 2,000 aircraft, citing people familiar with the issue.
AerCap said the outcome of the talks has not yet been determined and no guarantee can be reached.
“The issuers or the company will not make further statements on this matter until the conclusion of these discussions,” the Irish ray rental company said in a statement.
GE and AerCap, the two largest aircraft lenders in the world, are paving the way for the largest aircraft lease shifts in nearly a decade.
This comes as the COVID-19 pandemic is expected to move more of the global fleet of battered airlines to the leasing industry, which already has about half of Airbus and Boeing’s deliveries.
Shreyasee Raj Reports; Edited by Bernard Orr