Provided by Mergermarket
General Electric Company’s [NYSE:GE] aviation leasing arm GE Capital Aviation Services (GECAS) could be attractive to the private equity firm Blackstone Group [NYSE:BX], according to a Financial Times report.
The report cited a person close to GE’s new Chief Executive Larry Culp, who suggested that Blackstone is most likely buyer for GECAS. The person was quoted in a longer report about GE’s plans to sell assets to help pay down its USD 115bn (EUR 100.47bn) debt.
The source said GE had been asked several times for information about a potential sale of GECAS.
The private equity firms Blackstone, Apollo Global Management [NYSE:APO] and Brookfield Asset Management are closely examining GE assets, the source added.
GE Chief Financial Officer Jamie Miller, quoted in a Financial Times report on 1 November, said the company had no plans at the time to take any action regarding GECAS, but added that GE would consider selling the business.
A Bloomberg report on 11 September said Singapore sovereign wealth fund GIC was interested in buying GECAS.
The report cited sources with knowledge of the situation who said representatives from GIC and GE had met to discuss whether GE would consider a full or partial sale of GECAS.
An Irish Independent report on 25 January said GECAS accounted for USD 1.4bn (EUR 1.23bn) of GE’s net income last year.
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