(Reuters) – Irish AerCap Holdings NV on Tuesday confirmed ongoing talks with General Electric Co to acquire its aircraft leasing business.
Known as GE Capital Aviation Services or GECAS, the US company is one of the world’s largest jet leasing companies. It leases passenger aircraft from Boeing Co and Airbus SE, among others.
Reuters reported on 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 assurance that an agreement will be reached.
“No further statements will be made by the issuers or the company on this matter until such discussions are concluded,” the Irish aircraft leasing company said in a statement.
GE and AerCap, the world’s two largest aircraft rental companies, are paving the way for the biggest boom in aircraft leasing in nearly a decade.
This is because the COVID-19 pandemic is expected to shift more of the world’s fleet from battered airlines to the leasing industry, which already controls about half of Airbus and Boeing deliveries.
Reporting by Shreyasee Raj; Editing by Bernard Orr