Aercap completed 438 deals with airlines and manufacturers last year, company says

Lessor raises $30.5bn in long-term funding

Aengus Kelly, Aercap chief executive, says the airline industry improved throughout 2021 as borders reopened and people began travelling again. Photograph: Dara Mac Dónaill

Aengus Kelly, Aercap chief executive, says the airline industry improved throughout 2021 as borders reopened and people began travelling again. Photograph: Dara Mac Dónaill

 

Irish aircraft leasing giant Aercap completed 438 deals with airlines and manufacturers last year, the company confirmed on Monday.

Aercap buys aircraft and engines from manufacturers including Airbus and Boeing and leases them to airlines around the world.

The Dublin-headquartered company became the biggest player in its industry when it completed the $24 billion purchase of GE Capital Aviation Services (GECAS) from US multinational General Electric in November.

Aercap said in a statement on Monday that it leased 311 aircraft and engines, last year, bought 65 planes and sold a further 62, for a total of 438 transactions.

The company also raised $30.5 billion (€27 billion) in long-term funding, of which $24 billion to pay for the GECAS purchase.

In the final three months of 2021, Aercap leased 111 planes, 20 helicopters and 27 engines.

The company bought 37 aircraft, including Airbus and Boeing jets and eight helicopters. It also acquired five engines.

In the final quarter of last year, Aercap sold 26 aircraft and four engines.

Aengus Kelly, the Irishman who is Aercap chief executive, said the airline industry improved throughout 2021 as borders reopened and people began travelling again.

Boosted demand

This boosted demand for aircraft, allowing Aercap to step up transactions during the year.

“I am optimistic that we will see further increases in passenger traffic during 2022 as the recovery continues,” said Mr Kelly.

He maintained that Aercap’s ability to raise funding for the GECAS deal showed investors’ interest in aircraft leasing.

Mr Kelly added that he was “delighted” that Aercap completed the purchase in the final quarter of last year.