FILE - In this June 26, 2018, file photo the General Electric logo appears above a trading post on the floor of the New York Stock Exchange.
By pushing GE Capital Aviation Services, or GCAS, into a separate business, GE is essentially closing the books on GE Capital, the financial wing of of General Electric that nearly sank the entire company during the 2008 financial crisis.
AerCap will pay about $24 billion in cash for GCAS, and GE will take an approximately 46% ownership stake in the combined company, and $1 billion paid in AerCap notes or cash at closing.
AdThe global pandemic sent shockwaves through the entire air travel industry, and the deal announced Wednesday could have extensive ramifications.
With the new company formed with GCAS, the largest remaining operation in GE Capital, General Electric has largely excised what many industry analysts viewed as a risk.