AerCap to win unconditional EU okay for $30b GE deal - sources

Irish aircraft leasing company AerCap is set to secure unconditional EU antitrust approval for its $30b bid for General Electric's aircraft leasing business, three people familiar with the matter said. The deal between the world's two largest aircraft leasing companies would create a new financing giant and the largest buyer of airliners built by Airbus and Boeing. The deal will reshape a global air finance industry that has in recent years attracted a flood of capital from investors seeking higher returns. Analysts said it could also set off more consolidation in the sector, hit by the coronavirus crisis alongside other industries. The EC, which has set a July 26 deadline for its preliminary review of the deal, and AerCap declined to comment. The US Department of Justice wrapped up its review of the deal last month. The deal to buy GECAS, or GE Capital Aviation Services, includes about $24b in cash and $1b paid in AerCap notes or cash. It includes 111m new shares and will give GE a stake of 46% in the AerCap-controlled company.<br/>