Shannon-based aircraft leasing company Genesis has announced a merger with global aviation company AerCap.
Under the deal, Genesis shareholders will receive one AerCap share for every Genesis share they own, and Genesis will become a subsidiary of AerCap. Genesis shareholders will own 29% of the merged company.
AerCap CEO Klaus Heinemann will lead the combined company, which will keep the AerCap name. Three directors from Genesis will be nominated to the AerCap board.
The deal is worth $1.75 billion. Genesis floated on the New York Stock Exchange in late 2006.
