AerCap Holdings NV (AER.N) said that a subsidiary of General Electric Company (GE.N) plans to sell a share in the aircraft leasing behemoth via an underwritten public offering with an estimated value of about $2.44 billion.
According to AerCap, GE Capital U.S. Holdings plans to sell about 40.7 million business shares for $59 per share. The initial announcement of 32.4 million shares was increased in size for the upcoming sale.
After selling 18 million shares in March, GE is now engaging in this transaction. During Monday’s after-hours trading, the price of AerCap’s shares dropped by around 3 percent.
After AerCap purchased the conglomerate’s aircraft leasing subsidiary in a transaction for $30 billion, GE said in March 2021 that it would “over time” sell its ownership, which was 33.6% according to the most recent data from LSEG.
AerCap also agreed on Monday to repurchase about 15.3 million shares for $57.53 per share, resulting in a total value of approximately $878 million. The corporation, which has its headquarters in Dublin, plans to finance the repurchase using funds already in its possession.
The underwriters have been allowed to acquire up to 6.1 million additional ordinary shares from GE Capital for thirty days. Joint book-running managers for the secondary offering include Goldman Sachs, Citigroup, Barclays, BofA Securities, and J.P. Morgan.
Comment Template