Shares of General Electric Co. GE,
rose 2.7% to a three-year high in morning trading on Monday as the industrial conglomerate has nearly reached a more than $ 30 billion deal to combine its aircraft leasing business with Ireland-based AerCap Holdings NV AER,
according to a report in The Wall Street Journal. GE’s share, which is on its way to fourth consecutive profit, is up 29.3% to date, contributing to a record quarterly increase of 73.4% in the fourth quarter. The WSJ report, citing people familiar with the case, said GE’s aircraft lease unit, known as GE Capital Aviation Services (Gecas), is the largest remaining piece of GE Capital, which GE has been trying to divest for years as part of his plan to strengthen his balance. In 2020, GE Capital suffered a $ 1.5 billion, or 17%, revenue decline from a year ago, mainly due to GECAS, which was hit hard by the COVID-19 pandemic and the fallout from the Boeing Co. BA,
737 MAX grounds. Over the past 12 months, GE shares are up 48.6%, while the SPDR Industrial Select Sector ETF XLI,
Up 30.5% and the S&P 500 SPX,
is up 29.9%.