AerCap to acquire GE’s aircraft-leasing unit

(Reuters) – General Electric Co said on Wednesday Ireland’s AerCap Holdings NV would acquire its aircraft-leasing business in a deal that will help reduce the company’s debt by $30 billion.

The deal is valued at more than $30 billion, including about $24 billion in cash, an about 46% stake in the combined company and $1 billion paid in AerCap notes and/or cash upon closing.

The business, known as GE Capital Aviation Services, or GECAS, is one of the world’s biggest jet-leasing companies and leases passenger aircraft made by companies including Boeing Co and Airbus SE.