AerCap

AerCap Holdings N.V. is an international aviation finance and aircraft leasing company headquartered in Dublin, Ireland, with its registered office in Amsterdam, Netherlands. Listed on the New York Stock Exchange under the symbol AER, the company provides aircraft leasing, aviation asset management, aircraft trading, remarketing, engine leasing, and related lifecycle services to airlines, cargo operators, helicopter companies, manufacturers, financial institutions, and investors. The company’s principal activity is operating leasing. Under this model, AerCap owns or manages aircraft and leases them to airline customers, generally leaving maintenance and servicing responsibilities with the lessee while retaining exposure to the aircraft’s residual value. This gives airlines access to fleet capacity without requiring them to purchase every aircraft outright and allows them to adjust fleet composition as route networks, passenger demand, financing conditions, and technology requirements change. AerCap also supports sale-and-leaseback transactions, in which an airline sells an aircraft to the lessor and continues operating it under a lease. AerCap’s portfolio has included narrow-body and wide-body commercial aircraft, regional jets, freighter and cargo aircraft, aircraft engines, and helicopters. Through Milestone Aviation Group, it participates in helicopter leasing, while its cargo activities serve operators involved in express freight, logistics, and maritime transport. The company is a major purchaser of aircraft from Airbus, Boeing, and Embraer and of engines from manufacturers and joint ventures including CFM International, GE Aviation, International Aero Engines, Pratt & Whitney, and Rolls-Royce. AerCap traces part of its corporate history to Guinness Peat Aviation, an early aircraft-leasing business founded in Ireland in 1975. The business passed through several ownership and restructuring stages before becoming Debis AirFinance and later being renamed AerCap in 2005. Its expansion accelerated through acquisitions, including Genesis Lease in 2010, International Lease Finance Corporation from American International Group in 2014, and GE Capital Aviation Services from General Electric in 2021. The ILFC transaction made AerCap the world’s largest aircraft lessor by fleet value at the time; the GECAS transaction further enlarged its aircraft, engine, helicopter, and asset-management platform. AerCap serves hundreds of customers across numerous countries and maintains offices and representative locations in major aviation and financial centers, including Dublin, Shannon, London, Dubai, Miami, Singapore, Amsterdam, Shanghai, Seattle, and Toulouse. Its activities span aircraft acquisition and ordering, lease placement, portfolio management, lease transitions, technical oversight, sales, part-outs, and asset disposition. The company’s scale means that it is closely connected to aircraft manufacturers, airline fleet planning, and global aviation capital markets. AerCap’s results are affected by passenger and cargo traffic, airline credit quality, aircraft deliveries, lease rates, interest rates, foreign-exchange movements, aircraft residual values, maintenance costs, sanctions, and the availability of financing. The company experienced substantial losses and asset impairments after aircraft and engines in Russia became stranded or inaccessible following the 2022 invasion of Ukraine and related sanctions. It subsequently pursued insurance claims and settlements with Russian airlines. Despite these risks, AerCap remains focused on leasing and managing aviation assets across the commercial, cargo, regional, and helicopter sectors.

AerCap’s corporate lineage reaches back to Guinness Peat Aviation, an Irish aircraft-leasing company founded in 1975 by Tony Ryan. The business was among the early pioneers of commercial aircraft leasing, a model that separated aircraft ownership from airline operations and enabled carriers to expand or renew fleets through contractual access to aircraft rather than outright purchases. After financial difficulties and a restructuring supported by Texas Pacific Group, the business became AERFI in 1998. In 2000, DaimlerChrysler’s Debis AirFinance acquired it for a reported $750 million. Affiliates of Cerberus Capital Management acquired Debis AirFinance in 2005 and renamed the company AerCap. AerCap completed an initial public offering in November 2006, creating a public-market platform for further fleet expansion and aviation-finance transactions. The company expanded through joint ventures and acquisitions during the following decade. In 2006, it established AerVenture, a joint venture associated with LoadAir and Al Fawares. After the partners did not fund a required capital contribution, Waha Capital acquired a 50 percent interest in 2009. In March 2010, AerCap acquired Genesis Lease at a discount to book value during the global financial crisis. The transaction added aircraft and aviation-finance expertise while illustrating the opportunities available to lessors able to acquire assets during distressed market conditions. Cerberus affiliates subsequently sold substantially all of their AerCap shares by 2013. AerCap’s defining expansion occurred in 2014, when it acquired International Lease Finance Corporation from American International Group. The transaction involved $3.0 billion in cash and $4.6 billion in AerCap stock. It increased AerCap’s total assets to approximately $43 billion and its fleet to more than 1,300 aircraft, making it the largest lessor by fleet value at that point. AerCap later moved its headquarters and assets to Ireland in 2015. During the same period it expanded its future delivery pipeline, including an order for 100 Boeing 737 MAX 8 aircraft and later additional Airbus A320neo-family and Boeing 787 aircraft. The ILFC integration was followed by continued portfolio management. AerCap leased, purchased, sold, and financed large numbers of aircraft while balancing new deliveries with sales and part-outs. Its customers included major network airlines, low-cost carriers, regional operators, and cargo businesses. The company also broadened its activities beyond airframes through engine leasing and helicopter finance, including the operations of Milestone Aviation Group. In March 2021, AerCap agreed to acquire GE Capital Aviation Services from General Electric. The transaction combined AerCap’s existing platform with one of the world’s largest aviation lessors and included cash, AerCap notes, and shares representing roughly 46 percent of the combined business. AerCap shareholders approved the transaction in May 2021, and the acquisition closed in November 2021. AerCap issued approximately 111.5 million shares and paid approximately $23 billion in cash along with $1 billion of notes. The combination greatly increased the company’s scale in commercial aircraft, engines, helicopters, and asset management. In 2022, AerCap moved its U.S. headquarters from Los Angeles to Miami. The company faced an exceptional disruption after Russia’s invasion of Ukraine in 2022. AerCap had aircraft and engines leased to Russian operators, and sanctions, flight restrictions, and Russian actions prevented many of the assets from being recovered. The company reported substantial impairments and a multibillion-dollar loss related to the stranded aircraft and engines. AerCap pursued claims against insurers and negotiated with Russian operators. Settlements involving Aeroflot, S7, and Ural Airlines later produced recoveries for particular aircraft and engines, while litigation continued in other jurisdictions. AerCap remains an active global lessor and aviation asset manager. Its work covers aircraft ordering and acquisition, lease placement, technical and portfolio management, lease transitions, sales, part-outs, and remarketing. The company’s scale exposes it to airline credit risk, aircraft residual values, manufacturer delivery schedules, interest rates, sanctions, insurance disputes, and the cyclical nature of global air travel.

1. 2025High Court insurance ruling

   London’s High Court rules that AerCap can recover more than one billion dollars from insurers concerning aircraft stranded in Russia.

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2. 2023General Electric completes exit

   General Electric sells its remaining AerCap stake after secondary-market transactions.

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3. 2022Russia-related aircraft losses recorded

   AerCap records major impairments and losses after aircraft and engines leased to Russian operators become stranded or inaccessible.

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4. 2021GECAS acquisition completed

   AerCap completes its acquisition of GE Capital Aviation Services, creating a substantially larger global aviation-leasing platform.

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5. 2017Boeing 787 order announced

   AerCap places an order for 30 Boeing 787-9 aircraft, expanding its wide-body pipeline.

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6. 2015Headquarters and assets move to Ireland

   AerCap moves its headquarters and assets to Ireland after integrating the ILFC transaction.

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7. 2014ILFC acquisition completed

   AerCap acquires International Lease Finance Corporation from AIG in a cash-and-stock transaction and becomes the largest lessor by fleet value.

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8. 2010Genesis Lease acquired

   AerCap acquires Genesis Lease during the global financial crisis, expanding its aircraft portfolio.

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9. 2006Initial public offering

   AerCap becomes a publicly traded company through an initial public offering.

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10. 2005AerCap name adopted

    Cerberus-affiliated investors acquire Debis AirFinance and rename it AerCap.

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11. 2000Debis AirFinance acquisition

    DaimlerChrysler’s Debis AirFinance acquires the predecessor aircraft-leasing business.

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12. 1998The business becomes AERFI

    Following financial restructuring and backing from Texas Pacific Group, the predecessor business adopts the AERFI name.

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13. 1975Guinness Peat Aviation is founded

    AerCap’s corporate lineage begins with Guinness Peat Aviation, an Irish aircraft-leasing pioneer founded by Tony Ryan.

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A global-scale aircraft lessor and aviation asset-management platform serving airlines and other aviation operators.

• Commercial aircraft operating leasingAircraft leasing

  AerCap’s core offering is the operating lease of commercial aircraft to airlines around the world. Its portfolio has included narrow-body aircraft such as the Airbus A320 family and Boeing 737 family, as well as wide-body aircraft used on long-haul routes. Operating leases enable airlines to access fleet capacity while preserving flexibility around capital expenditure, fleet renewal, and network changes. Lease structures generally require the airline to operate and maintain the aircraft during the lease term, while AerCap manages ownership, financing, residual-value exposure, and future remarketing.

• Aviation asset managementAsset management

  AerCap manages aircraft and related aviation assets through acquisition planning, lease administration, technical oversight, portfolio monitoring, transitions between lessees, and end-of-lease decisions. These services may be performed for assets owned by AerCap or managed for other parties. Asset management extends across the aircraft lifecycle and can include purchase evaluation, delivery support, maintenance coordination, reconfiguration, sale preparation, and disposition.

• Aircraft trading and remarketingAviation asset trading

  AerCap buys and sells aircraft, engines, and other aviation assets and places them with new operators after lease expiry or portfolio repositioning. Remarketing activities include evaluating aircraft condition, coordinating maintenance or reconfiguration, identifying prospective lessees or buyers, negotiating transactions, and arranging delivery. Sales, part-outs, and lease transitions help the company manage portfolio age, liquidity, residual-value risk, and capital allocation.

• Aircraft engine leasingEngine leasing

  AerCap leases and manages commercial aircraft engines, including engines associated with major manufacturer families and airline maintenance requirements. Engine leasing can provide airlines and maintenance providers with replacement units during scheduled overhauls, unexpected removals, fleet transitions, or supply-chain disruptions. The business also gives AerCap exposure to an aviation asset class distinct from complete aircraft ownership.

• Helicopter leasingHelicopter finance

  Through Milestone Aviation Group, AerCap participates in helicopter leasing for operators serving offshore energy, emergency services, logistics, government, and other specialized missions. Helicopter leasing differs from airline leasing because asset utilization, mission configuration, maintenance requirements, and operator profiles are more specialized. The platform has served commercial helicopter companies and other institutional users.

• Cargo aircraft leasingCargo aviation finance

  AerCap’s cargo activities provide freighter and cargo aircraft to logistics, express-delivery, and cargo-airline customers. Demand in this segment is influenced by e-commerce, global trade, supply-chain patterns, and the relative economics of passenger-to-freighter conversion. Cargo leasing complements AerCap’s passenger-aircraft portfolio and allows it to serve operators with different traffic cycles and fleet requirements.

• 2022Record Russia-related impairments and pursue recoveriesOther

  Sanctions and Russian restrictions following the invasion of Ukraine prevented AerCap from recovering or servicing numerous aircraft and engines leased to Russian operators.

  What changed. AerCap recognized substantial impairments and losses, pursued insurance claims, and sought negotiated settlements and legal remedies for stranded assets.

  Aftermath. Subsequent settlements and insurance litigation produced partial recoveries, including agreements involving Aeroflot, S7, and Ural Airlines, while other claims continued.

  Russia-related net charge. Approximately $2.66 billion overall net charge after recoveries, following larger initial write-offs and impairments (2022 and subsequent recoveries)

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• 2021Acquire GE Capital Aviation ServicesM&A

  AerCap pursued GECAS to consolidate two major aircraft-leasing platforms and broaden its exposure to aircraft, engines, helicopters, and aviation asset management.

  What changed. The transaction used approximately $23 billion in cash, $1 billion in AerCap notes, and approximately 111.5 million AerCap shares issued to General Electric.

  Aftermath. The completed combination created a substantially larger global lessor. General Electric initially held approximately 45 percent of AerCap and later sold its remaining position.

  Transaction consideration. Approximately $23 billion cash, $1 billion notes, and approximately 111.5 million AerCap shares (Transaction completed November 2021)

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• 2014Acquire International Lease Finance CorporationM&A

  AerCap sought to expand its fleet, customer base, and global aircraft-leasing platform through the acquisition of ILFC from AIG.

  What changed. AerCap paid $3.0 billion in cash and $4.6 billion in AerCap shares and integrated ILFC into its leasing business.

  Aftermath. The transaction lifted AerCap’s total assets to approximately $43 billion and its fleet to more than 1,300 aircraft, making it the largest lessor by fleet value at that time.

  Transaction consideration. $3.0 billion cash plus $4.6 billion in AerCap shares (2014 transaction)

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• 2025London High Court rules on AerCap Russia insurance claims

  The High Court in London ruled that AerCap could recover more than one billion dollars from insurers in relation to aircraft stranded in Russia after the invasion of Ukraine.

  Lawsuit
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• 2023AerCap reaches settlement with Aeroflot over stranded aircraft

  AerCap reached an agreement concerning 17 aircraft stranded in Russia, with a reported insurance-related compensation package and transfer of ownership to Aeroflot.

  LawsuitOther
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• 2023General Electric exits its remaining AerCap stake

  After secondary-market sales during the year, General Electric sold its remaining interest in AerCap, leaving the company owned by public shareholders.

  M&AOther
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• 2022Russian invasion leaves AerCap aircraft and engines stranded

  Aircraft and engines leased to Russian operators became inaccessible after the invasion of Ukraine, sanctions, and Russian restrictions. AerCap recorded major impairments and losses connected with the situation and began pursuing recovery through litigation, insurance, and negotiated settlements.

  RegulationLawsuitOther
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• 2021AerCap agrees to acquire GE Capital Aviation Services

  AerCap announced an agreement to acquire GECAS from General Electric for cash, AerCap notes, and shares in the combined company. The transaction was subsequently approved by shareholders and completed later that year.

  M&A
  Source
• 2021AerCap completes GECAS acquisition

  The closing of the GECAS transaction substantially increased AerCap’s aircraft, engine, helicopter, and aviation asset-management operations. General Electric initially retained a large minority position in the combined company.

  M&A
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• 2017AerCap places major Boeing 787 order

  AerCap announced an order for 30 Boeing 787-9 aircraft, adding long-haul wide-body capacity to its order book.

  Product launch
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• 2015AerCap transfers assets and headquarters to Ireland

  Following the ILFC transaction, AerCap moved its assets and headquarters to Ireland while retaining its Dutch incorporation and Amsterdam registered office structure.

  Other
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• 2015AerCap orders Boeing 737 MAX aircraft

  AerCap signed an agreement to purchase 100 Boeing 737 MAX 8 aircraft, strengthening its future narrow-body delivery pipeline.

  Product launch
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• 2014AerCap completes acquisition of International Lease Finance Corporation

  AerCap completed its acquisition of ILFC from AIG through a combination of cash and AerCap shares, materially expanding its aircraft portfolio and making it the largest aircraft lessor by fleet value at the time.

  M&A
  Source

1. AerCap
2. AerCap official website
3. AerCap newsroom