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AerCap to acquire GE’s aircraft-leasing unit By Reuters

© Reuters. FILE PHOTO: The General Electric logo is seen in a Sears store in Schaumburg

(Reuters) – General Electric (NYSE:) Co said on Wednesday Ireland’s AerCap Holdings NV would acquire its aircraft-leasing business in a deal that will help reduce the company’s debt by $30 billion.

The deal is valued at more than $30 billion, including about $24 billion in cash, an about 46% stake in the combined company and $1 billion paid in AerCap notes and/or cash upon closing.

The business, known as GE Capital Aviation Services, or GECAS, is one of the world’s biggest jet-leasing companies and leases passenger aircraft made by companies including Boeing (NYSE:) Co and Airbus SE (OTC:).

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