Shares of General Electric Co. GE,
rose 2.7% to a three-year high in Monday morning trading as the industrial conglomerate approaches a $ 30 billion deal to combine its aircraft leasing business with AerCap Holdings NV AER in Ireland .
according to a report in The Wall Street Journal. GE shares, which are heading for a fourth straight gain, have risen 29.3% so far to add to a record quarterly increase of 73.4% in the fourth quarter. The WSJ report, citing people familiar with the matter, said GE’s aircraft leasing unit, known as GE Capital Aviation Services (Gecas), is the largest remaining part of GE Capital, which GE is trying to untangle. for years as part of his plan. to support its balance sheet. In 2020, GE Capital experienced a $ 1.5 billion, or 17%, drop in revenue from a year ago, mainly due to GECAS, which was hit hard by the COVID-19 pandemic and the effects of Boeing Co. . BA,
Grounding 737 MAX. In the last 12 months, GE shares have increased by 48.6%, while SPDR Industrial Select Sector ETF XLI,
rose 30.5% and the S&P 500 SPX,
advanced by 29.9%.