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Irish Aircraft Leasing Company AerCap Wins Unconditional EU Okay For $30bn Bid For General Electric's Aircraft Leasing Business

Published on Jul 28 2021 2:00 PM in General Industry tagged: General Electric / European Comission / Air Travel / AerCap / Aircraft Leasing

Irish Aircraft Leasing Company AerCap Wins Unconditional EU Okay For $30bn Bid For General Electric's Aircraft Leasing Business

EU antitrust regulators have approved without conditions Irish aircraft leasing company AerCap's (AER.N) $30 billion bid for General Electric's (GE.N) aircraft leasing business, according to a filing on the European Commission website.

Aircraft Leasing Companies

The deal between the world's two largest aircraft leasing companies would create a new financing giant and the largest buyer of jetliners built by planemakers Airbus (AIR.PA) and Boeing (BA.N).

The European Commission said it did not see any competition issues, confirming an earlier Reuters story.

News by Reuters, edited for Hospitality Ireland by Conor Farrelly. Click subscribe to sign up for the Hospitality Ireland print edition.

The above news came as AerCap recorded a 1.6% increase in profits to $250 million for the three month period that ended on to June 30, 2021.

As reported by The Irish Times, excluding expenses associated with the General Electric deal, Aercap said that its net income for the second quarter was $310 million, or $2.39 a-share, and AerCap chief executive Aengus Kelly described the results as strong.

The Irish Times quotes Kelly as saying, "The airline industry is witnessing an unprecedented and rapid recovery in air travel in the world’s major markets."

"For AerCap, this resulted in increased demand for our aircraft and a significant increase in our cash flows."

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