Clifford Chance advises GE on AERCAP's acquisition of GECAS

November 1, 2021

Sharis A. Pozen , Anastasios Tomtsis , Katrin Schallenberg , Marc Besen , Nelson Jung , Torsten Syrbe , Yong Bai , Christopher Hardisty , Katharine Missenden , Georgios Yannouchos , Santiago Roca Arribas (He/Him) , Caroline Scholke , Chandralekha Ghosh , Zibo Liu , Isa Herrera Moya , Helga Gudmundsdottir , Mehjabin Ahmed
Beijing , Brussels , London , New York , Paris , Düsseldorf

Clifford Chance advises GE on AERCAP's acquisition of GECAS

Leading international law Clifford Chance has advised The General Electric Company (GE) with regards to AerCap Holdings N.V.'s (AerCap) acquisition of GE Capital Aviation Services business (GECAS). The combined company will be one of aviation leasing’s leading franchises, bringing together complementary portfolios across aircraft, engines, and helicopters.

Under the terms of the transaction agreement, which has been approved by the boards of directors of both companies, GE will receive consideration valued at more than US$30 billion, including approximately US$24 billion in cash, 111.5 million ordinary shares equivalent to approximately 46 percent ownership of the combined company with a market value of approximately US$6 billion as of March 9, 2021, and US$1 billion paid in AerCap notes and/or cash upon closing.

GE will transfer US$34 billion of GECAS’ net assets, including its engine leasing and Milestone helicopter leasing businesses, to AerCap. Current GECAS purchase obligations will transfer to AerCap, and GECAS’ more than 400 employees also will transfer to AerCap upon completion of the transaction.

The transaction closed on November 1, 2021.

The Clifford Chance team was led by partners Sharis Pozen and William J. Glaister and supported by Katrin Schallenberg, Anastasios Tomtsis, Marc Besen, Nelson Jung, Torsten Syrbe, Bai Yong, Chris Hardisty, James McNicol, Michael Van Arsdall, Michaela Spero, Katharine Missenden, Georgios Yannouchos, Emily Xueref-Poviac, Caroline Scholke, Chandralekha Ghosh, Zibo Liu, Santi Roca Arribas, Isa Herrera Moya, Helga Gudmundsdottir, Ana Hergouth, Gabriela Karaivanova, Alex Cheah, Mehjabin Ahmed, Ani Tangyan, and Xiang Li.