AerCap’s Acquisition of GE Capital Aviation Services

McCann FitzGerald, in conjunction with Cravath, Swaine & Moore LLP and Nauta Dutilh NV, advised AerCap Holdings N.V. on its definitive agreement with General Electric to acquire 100% of GE Capital Aviation Services, a GE business. Paul, Weiss and Clifford Chance advised General Electric on the deal.

Under the terms of the agreement, GE will receive 111.5 million newly issued AerCap shares, $24 billion of cash and $1 billion of AerCap notes and/or cash. The transaction is subject to approval by AerCap shareholders, receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. It is expected to close in Q4 2021. Upon completion, the combined company will be an industry leader across all areas of aviation leasing.

Upon completion of the transaction, GE is expected to own approximately 46% of the combined company and will be entitled to nominate two directors to the AerCap Board of Directors.

Citigroup Global Markets Inc., Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC provided a bridge term loan facility of up to $24 billion for AerCap to finance the acquisition.

AerCap is the global leader in aircraft leasing. 

GE Capital Aviation Services (GECAS) is a world-leading aviation lessor and financier.

The McCann FitzGerald team was led by Hilary Marren (Picture), David Lydon and Josh Hogan.

The Paul, Weiss team included corporate partners Scott Barshay, Steven Williams, John Kennedy and Caith Kushner; tax partners Scott Sontag and Jeffrey Samuels and  counsel Alyssa Wolpin; executive compensation partner Jean McLoughlin and counsel Meghan Fox; intellectual property partner Jonathan Ashtor and counsel Michael Kurzer; real estate partner Salvatore Gogliormella; international trade counsel Richard Elliott; litigation counsel Steven Herzog, Donna Ioffredo and Rachel Fiorill;  environmental counsel William O’Brien; and antitrust counsel Yuni Sobel.

The Cravath team was led by partners Mark I. Greene, G.J. Ligelis Jr. and Keith Hallam and included associates Douglas C. Dolan, Matthew L. Ploszek, Ryan J. Patrone, Samuel A. Blaustein and Michael A. Naclerio on M&A matters; partners Craig F. Arcella and Stephen M. Kessing, senior attorney Kimberly A. Grousset and associates Caroline H. Gieryn and Jarrod L. Hall on financing matters; partners Stephen L. Gordon and Christopher K. Fargo, senior attorney Andrew Carlon and associate Rory M. Minnis on tax matters; partners Christine A. Varney and Margaret T. Segall, practice area attorney Nicole M. Peles and associate Kolja I. Ortmann on regulatory matters; partner Matthew J. Bobby, practice area attorney Sarah W. Colangelo and associates Dixing Tang and Tiffany B. Wong on executive compensation and benefits matters; partner David J. Kappos and associate Daniel J. Etcovitch on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorney Brian M. Budnick on real estate matters. Paul A. Bryant, Armin Hoss and Caroline B. Shinkle also worked on M&A matters; Luke A. Martin also worked on financing matters; Malikah I. Williams also worked on regulatory matters; and Pedraam Mirzanian also worked on intellectual property matters.

The NautaDutilh team is led by Paul van der Bijl and consists of Jaap Jan Trommel, Esther Schreiber, Sanne Meester (Corporate M&A), Sjuul Jentjens and Chris Warner (Tax).

Simpson Thacher represented Citigroup Global Markets Inc., Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC with Patrick Ryan, Adam Moss, Remy Denner and James Crisp (Banking and Credit); David Azarkh and Lauren Maxfield (Capital Markets); Patrick Naughton (M&A); Jonathan Cantor and Brian Mendick (Tax); Larry Moss and Ashlie Lawton (Executive Compensation and Employee Benefits); and Michael Isby and Timothy Mulvihill (Environmental).

The Clifford Chance team was led by partners Sharis Pozen and William J. Glaister and supported by Chris Hardisty, James McNicol, Katrin Schallenberg, Anastasios Tomtsis, Michael Van Arsdall, Michaela Spero, Emily Xueref-Poviac, Katharine Missenden, Georgios Yannouchos and Santiago Roca Arribas.

Involved fees earner: William Glaister – Clifford Chance; Christopher Hardisty – Clifford Chance; James McNicol – Clifford Chance; Katharine Missenden – Clifford Chance; Sharis Pozen – Clifford Chance; Santiago Roca Arribas – Clifford Chance; Katrin Schallenberg – Clifford Chance; Michaela Spero – Clifford Chance; Anastasios Tomtsis – Clifford Chance; Michael Van Arsdall – Clifford Chance; Emily Xueref-Poviac – Clifford Chance; Georgios Yannouchos – Clifford Chance; Craig Arcella – Cravath Swaine & Moore; Samuel Blaustein – Cravath Swaine & Moore; Matthew Bobby – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore; Andrew Carlon – Cravath Swaine & Moore; Sarah Colangelo – Cravath Swaine & Moore; Douglas Dolan – Cravath Swaine & Moore; Margaret Segall D’Amico – Cravath Swaine & Moore; Daniel Etcovitch – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Caroline Gieryn – Cravath Swaine & Moore; Stephen Gordon – Cravath Swaine & Moore; Mark Greene – Cravath Swaine & Moore; Kimberly Grousset – Cravath Swaine & Moore; Jarrod Hall – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; Armin Hoss – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Stephen Kessing – Cravath Swaine & Moore; G.J. Ligelis Jr. – Cravath Swaine & Moore; Luke Martin – Cravath Swaine & Moore; Rory Minnis – Cravath Swaine & Moore; Michael Naclerio – Cravath Swaine & Moore; Kolja Ortmann – Cravath Swaine & Moore; Ryan Patrone – Cravath Swaine & Moore; Nicole Peles – Cravath Swaine & Moore; Matthew Ploszek – Cravath Swaine & Moore; Dixing Tang – Cravath Swaine & Moore; Annmarie Terraciano – Cravath Swaine & Moore; Christine Varney – Cravath Swaine & Moore; Tiffany Wong – Cravath Swaine & Moore; Josh Hogan – McCann FitzGerald; David Lydon – McCann FitzGerald; Hilary Marren – McCann FitzGerald; Sjuul Jentjens – NautaDutilh; Sanne Meester – NautaDutilh; Esther Schreiber – NautaDutilh; Jaap Jan Trommel – NautaDutilh; Paul van der Bijl – NautaDutilh; Chris Warner – NautaDutilh; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison; Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Richard Elliott – Paul Weiss Rifkind Wharton & Garrison; Rachel Fiorill – Paul Weiss Rifkind Wharton & Garrison; Meghan Fox – Paul Weiss Rifkind Wharton & Garrison; Salvatore Gogliormella – Paul Weiss Rifkind Wharton & Garrison; Steven Herzog – Paul Weiss Rifkind Wharton & Garrison; Donna Ioffredo – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Michael Kurzer – Paul Weiss Rifkind Wharton & Garrison; Caith Kushner – Paul Weiss Rifkind Wharton & Garrison; Jean McLoughlin – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Samuels – Paul Weiss Rifkind Wharton & Garrison; Yuni Sobel – Paul Weiss Rifkind Wharton & Garrison; Scott Sontag – Paul Weiss Rifkind Wharton & Garrison; Steven Williams – Paul Weiss Rifkind Wharton & Garrison; Alyssa Wolpin – Paul Weiss Rifkind Wharton & Garrison; David Azarkh – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; James Crisp – Simpson Thacher & Bartlett; Remy Denner – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Ashlie Lawton – Simpson Thacher & Bartlett; Lauren Maxfield – Simpson Thacher & Bartlett; Brian Mendick – Simpson Thacher & Bartlett; Adam Moss – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Patrick Naughton – Simpson Thacher & Bartlett; Patrick Ryan – Simpson Thacher & Bartlett;

Law Firms: Clifford Chance; Cravath Swaine & Moore; McCann FitzGerald; NautaDutilh; Paul Weiss Rifkind Wharton & Garrison; Simpson Thacher & Bartlett;

Clients: AerCap Holdings N.V.; Citigroup Global Markets Ltd; General Electric (GE); Goldman Sachs Bank USA; Goldman Sachs Lending Partners LLC;