The combined company will be an industry leader across all areas of aviation leasing, with over 2,000 owned and managed aircraft, over 900 owned and managed engines, over 300 owned helicopters and approximately 300 customers around the world.
Under the terms of the agreement, which has been unanimously approved by the boards of directors of AerCap and GE, GE will receive 111.5 million newly issued AerCap shares, $24 billion of cash and $1 billion of AerCap notes and/or cash. Upon completion of the transaction, GE is expected to own approximately 46% of the combined company and will be entitled to nominate two directors to the AerCap Board of Directors.
The transaction is subject to approval by AerCap shareholders, receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. The transaction is expected to close in the fourth quarter of 2021.
NautaDutilh advised AerCap alongside Cravath, Swaine & Moore LLP. The NautaDutilh team is led by Paul van der Bijl and consists of Jaap Jan Trommel, Esther Schreiber, Sanne Meester (Corporate M&A), Sjuul Jentjens and Chris Warner (Tax).
Find the press release here.