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

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

(Reporting by Kannaki Deka and Dimpal Gulwani in Bengaluru; Editing by Sriraj Kalluvila and Rashmi Aich)