(Reuters) – Ireland’s AerCap Holdings NV confirmed on Tuesday ongoing talks with General Electric Co to acquire its aircraft leasing business.
The American company, known as GE Capital Aviation Services or GECAS, is one of the largest aircraft leasing companies in the world. Lease passenger jets made by companies like 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 matter.
AerCap said the outcome of the talks has yet to be determined and there can be no guarantee that an agreement will be reached.
“Issuers or the company will make no further comment on this matter until the conclusion of those discussions,” the Irish aircraft leasing company said in a statement.
GE and AerCap, the world’s two largest aircraft lessors, are paving the way for the largest reorganization of aircraft leasing in nearly a decade.
This comes as the COVID-19 pandemic is expected to shift more of the global fleet from battered airlines to the leasing industry, which already has about half of Airbus and Boeing deliveries.
Shreyasee Raj Reporting; Bernard Orr Editing