- AerCap Holdings N.V. (NYSE:AER) announced that a subsidiary of General Electric Company (NYSE:GE) is offering 18 million shares of AerCap through an underwritten public offering.
- GE subsidiary GE Capital US Holdings, Inc. expects to grant the underwriters a 30-day option to purchase up to 2.7 million additional shares.
- AerCap will not receive any proceeds from the sale of the shares.
- AerCap has also agreed with GE Capital to repurchase $500 million of its shares at a price per ordinary share equal to the price per ordinary share to be paid by the underwriters. The aircraft lessor intends to fund the repurchase with cash on hand.
- According to Refinitiv data, General Electric currently holds a 45.3% stake in AerCap, reported Reuters.
- Price Action: GE shares closed lower by 0.77% at $86.39, and AER higher by 0.65% at $62 on Tuesday.
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