The European Commission has unconditionally approved the AerCap/GECAS merger, creating an industry leader across all areas of aviation leasing, with over 2,000 owned and managed aircraft and over 900 owned and managed engines. The Commission found that the transaction, that combines the world’s two largest aircraft leasing companies, would not lead to any horizontal or vertical concerns. In particular, the Commission considered that there would remain sufficient competition post-transaction on the markets for aircraft and engine leasing. The Commission also found it unlikely that GE, who manufactures aircraft engines and who will receive a 46% share in AerCap as part of the transaction, would use its minority shareholding in AerCap to affect competition for aircraft engines, aircraft leasing or engine leasing.
A CRA team including Oliver Latham, Raphaël De Coninck, Roman Fischer, Gaëtan Lelièvre, Balázs Csullag and Jonathan Frisch advised both parties in preparation and during the proceedings in front of the Commission and multijurisdictional filings across the world. A CRA team led by Yianis Sarafidis also advised the parties for the US DOJ review.