GE to slash stake in aircraft lessor AerCap
March 7 (Reuters) - AerCap Holdings NV (AER.N) said on Tuesday a unit of General Electric Co (GE.N) is selling 18 million shares, worth $1.12 billion, of the aircraft lessor through an underwritten public offering.
In addition, AerCap agreed to repurchase $500 million worth of its shares from GE, its largest shareholder. The Boston-based conglomerate currently has a 45.3% stake in AerCap, according to Refinitiv data.
U.S.-listed shares of AerCap fell about 4% aftermarket.
Dublin-based AerCap intends to fund the share repurchase with cash on hand.
The conglomerate, through its unit GE Capital US Holdings Inc, expects to grant the underwriters a 30-day option to purchase up to 2.7 million additional ordinary shares. AerCap will not receive any proceeds from the sale.
GE said in March 2021 it will "over time" sell its stake after AerCap bought its aircraft leasing unit in a $30 billion deal.
Goldman Sachs & Co. LLC, Citigroup and Morgan Stanley are acting as joint bookrunning managers for the secondary offering.
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