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$30bn aircraft leasing deal brings a bumpy ride for Airbus and Boeing
Merger to create new giant that owns 2,000 aircraft comes as aviation sector is being hammered by coroanvirus downturn
10 March 2021 • 3:00pm
General Electric is selling its aircraft leasing business to an Irish rival in a deal that will form a $30bn (£21bn) aviation powerhouse and create problems for Airbus and Boeing.
GE Capital Aviation Services and AerCap are already the two biggest players in the sector. The combined business will own more than 2,000 aircraft - about 7pc of the global fleet - and some 300 helicopters.
GE will take a 46pc stake in the company and two board seats.
GE Sinks as $30 Billion Sale of Jet Lessor Fails to Impress
Bloomberg 3/10/2021 Ryan Beene and Julie Johnsson
(Bloomberg) General Electric Co. sank as investors reacted coolly to a much-anticipated $30 billion deal to sell its jet-leasing business to rival AerCap Holdings NV.
The deal creates an aircraft-finance giant to be partly owned by GE and streamlines the manufacturer’s business model, but the announcement wasn’t accompanied by an upward revision in the company’s financial outlook that some on Wall Street had hoped to see.
“Expectations were that this would be a catalyst in terms of upside guidance,” said Nick Heymann, an analyst at William Blair, noting that GE under Culp has tended to raise guidance only after posting better-than-expected results.
Operator
Greetings, and welcome to the L3Harris Technologies Fourth Quarter Calendar Year 2020 Earnings Call. [Operator Instructions].
It is now my pleasure to introduce your host, Rajeev Lalwani, Vice President, Investor Relations. You may begin.
Rajeev Lalwani
Vice President of Investor Relations
Thank you, Rob. Good morning, and welcome to our fourth quarter 2020 earnings call. On the call with me today are Bill Brown, our CEO; Chris Kubasik, our COO; and Jay Malave, our CFO. First, a few words on forward-looking statements and non-GAAP measures. Forward-looking statements involve risks, assumptions and uncertainties that could cause actual results to differ materially.
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Passengers waiting at the Southwest Airlines counter at Ronald Reagan Washington National Airport. Daniel Slim/AFP via Getty Images
Investors who buy airline stocks may now have to endure some pain and take a “leap of faith” that revenues will recover sharply in the second half of the year, one analyst says.
Airlines came into the new year with high hopes of sustaining some momentum from December, when air traffic soared around the holidays reaching highs not seen since the pandemic started. Yet booking trends have since weakened, with the virus surging to record highs around the U.S. and taking a toll on travel demand.