AerCap taps private equity firms as it eyes AIG aircraft leasing business


plane-seat-interior-aircraft-passengerDutch aircraft leasing giant AerCap has reportedly tapped up private equity firms to buy parts  of the plane leasing business of US insurer AIG as it looks to pick up a large proportion of the asset.

AerCap hopes buyout houses will be interested in taking some of ILFC’s older aircraft assets according to Bloomberg, which cited a person briefed on the discussions.

AIG is looking to sell ILFC as part of a wider plan to recoup capital and pay back the US Government for the bailout it received at the height of the financial crash in 2008.

A combination of ILFC and AerCap would remain second by fleet size to General Electric’s aircraft leasing division GECAS, which has a fleet of 1,700 passenger jets. AerCap has a fleet of 373 aircraft, according to its website.

US private equity firm Cerberus Capital management previously owned a stake in Aercap, but sold the last of its shares in March this year.

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