Investing

GE to sell stake in aircraft leasing provider AerCap

Published

on

© Reuters. A woman stands in front of a General Electric (GE) sign during World Artificial Intelligence Conference, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 1, 2022. REUTERS/Aly Song

(Reuters) – AerCap Holdings NV said on Monday a unit of General Electric (NYSE:) Co 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 (NYSE:), Barclays, BofA Securities and J.P. Morgan are joint bookrunning managers for the secondary offering.

Read the full article here

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Exit mobile version