GE Capital Aviation Services (GECAS)

GE Capital Aviation Services (GECAS) was an aircraft leasing and financing company owned by General Electric, with headquarters in Shannon, Ireland, and Norwalk, Connecticut. GECAS was merged into AerCap on 1 November 2021 and no longer operates as a separate business.

History

GE Credit Corporation signed its first aircraft lease in 1967. The GECAS business was formally created in 1993 to manage assets bought from the Irish lessor Guinness Peat Aviation, and by 1996 it had built the world's largest leased fleet.

Scale before the merger

• More than 1,900 aircraft owned or managed
• About 575 employees in 26 offices worldwide
• Around 270 airline customers in more than 75 countries

The AerCap transaction

AerCap announced the deal in March 2021 and completed it on 1 November 2021. GE received about 111.5 million new AerCap shares, around $23 billion in cash and $1 billion of AerCap notes. The combined AerCap portfolio then stood at more than 2,000 aircraft, over 900 engines and over 300 helicopters.

What to do now

Airlines and lessors with former GECAS leases or enquiries should now deal with AerCap, which took over the fleet, customer contracts and team. This page is kept as a reference to the former company.