EU competition regulators have today approved without conditions Irish aircraft leasing company AerCap's $30 billion bid for General Electric's aircraft leasing business, according to a filing on the European Commission website.
The deal between the world's two largest aircraft leasing companies would create a new financing giant and the largest buyer of jetliners built by planemakers Airbus and Boeing.
The European Commission said it did not see any competition issues, confirming a Reuters story last week.
The deal will reshape a global air finance industry that has in recent years attracted a flood of capital from investors seeking higher returns.
Analysts said it could also set off more consolidation in the sector, hit by the coronavirus crisis alongside other industries.
The US Department of Justice wrapped up its review of the deal last month.
The deal to buy GECAS, or GE Capital Aviation Services, includes about $24 billion in cash and $1 billion paid in AerCap notes or cash.
It includes 111 million new shares and will give GE a stake of 46% in the AerCap-controlled company.
GE said today it expects the deal to complete by the end of the year.
