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GE to sell $2.44 billion stake in aircraft leasing provider AerCap By Reuters

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© Reuters. A woman stands in front of a General Electric (GE) sign during World Artificial Intelligence Conference, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 1, 2022. REUTERS/Aly Song

(Reuters) -AerCap Holdings NV said on Monday a unit of General Electric (NYSE:) 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:), Barclays, BofA Securities and J.P. Morgan are joint bookrunning managers for the secondary offering.

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