GE to sell $2.44 billion stake in aircraft leasing provider AerCap
(Reuters) -AerCap Holdings NV said on Monday a unit of General Electric (NYSE:GE) Co will sell a stake worth about $2.44 billion in the aircraft leasing giant through an underwritten public offering.
AerCap said GE Capital U.S. Holdings will sell about 40.7 million shares of the company at $59 per share. The offering was upsized from the previously announced 32.4 million shares.
The transaction follows a sale of 18 million shares by GE in March. AerCap's stock fell about 3% in extended trading on Monday.
In March 2021, GE said it would «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 about 15.3 million shares, worth about $878 million, at $57.53 per share. The Dublin-based company intends to fund the buyback with cash on hand.
GE Capital has granted the underwriters a 30-day option to purchase up to 6.1 million additional ordinary shares.
Goldman Sachs, Citigroup (NYSE:C), Barclays, BofA Securities and J.P. Morgan are joint bookrunning managers for the secondary offering.
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