Shares of General Electric Co. GE, -0.37% gained 0.4% in premarket trading Monday, after the industrial conglomerate said that the deal to combine its GE Capital Aviation Services business with AerCap Holdings N.V. AER, -3.01% has been completed. GE said it received a total of more than $30 billion in proceeds after the deal closed, including $23 billion in net cash and 111.5 million shares, or 46% ownership of the combined company, which has a market value of about $6.6 billion. “This is a debt story today,” said GE Chief Executive Larry Culp. “The cash proceeds put us in a position to have reduced our debt by approximately $75 billion since the end of 2018, and we gain a meaningful stake in AerCap that we will monetize as the aviation industry recovers.” GE’s stock has rallied 21.4% year to date through Friday, while the S&P 500 SPX, +0.19% has climbed 22.6%.
View Article Origin Here
