GE to sell stake in aircraft leasing provider AerCap


Sept 11 (Reuters) - AerCap Holdings NV AER.N said on Monday a unit of General Electric Co GE.N will sell 32.4 million shares in the aircraft leasing giant through an underwritten public offering.

The transaction will be worth $2 billion based on AerCap's closing price, according to LSEG data, and follows a sale by GE of 18 million shares in March. AerCap's stock fell about 3% in extended trading on Monday.

GE said in March 2021 it will "over time" sell its stake - 33.6% as per latest LSEG data - after AerCap bought the conglomerate's aircraft leasing unit in a $30 billion deal.

AerCap also agreed on Monday to repurchase 12.2 million shares, worth $750 million. The Dublin-based company intends to fund the buyback with cash on hand.

GE Capital US Holdings Inc expects to grant the underwriters a 30-day option to purchase up to 4.9 million additional ordinary shares.

Goldman Sachs, Citigroup, Barclays, BofA Securities and J.P. Morgan are joint bookrunning managers for the secondary offering.

(Reporting by Kannaki Deka in Bengaluru; Editing by Sriraj Kalluvila)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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