(Reuters) – AerCap Holdings NV in Ireland on Tuesday confirmed talks with General Electric Co to acquire its aircraft leasing business.
The US business, known as GE Capital Aviation Services or GECAS, is one of the largest jet leasing companies in the world. It leases passenger planes manufactured by companies including Boeing Co and Airbus SE.
Reuters reported Monday that AerCap and General Electric are discussing an agreement to forge a titanium in the industry with more than 2,000 aircraft, citing people familiar with the issue.
AerCap said that the outcome of the talks has not yet been determined and that there can be no guarantee that an agreement will be reached.
“No statements will be made by issuers or the company on this issue until these talks are completed,” the Irish jet leasing company said in a statement.
GE and AerCap, the world’s two largest aircraft lenders, are paving the way for the largest aircraft leasing shake-up in nearly a decade.
This is because the COVID-19 pandemic is expected to transfer more global fleet from affected airlines to the leasing industry, which already owns about half of Airbus and Boeing’s deliveries.
Reporting by Shreyasee Raj; Montage by Bernard Orr