Larry Culp, CEO, General Electric
Scott Mlyn | CNBC
General Electric stock surged more than 5% Monday as bullish analysts defended the company’s decision last week to sell its jet-leasing business to rival AerCap and new financial guidance.
On Wednesday, the Boston-based conglomerate announced of the sale of GE Capital Aviation Services, or Gecas, the largest remaining asset of the company’s once-colossal finance arm GE Capital, to AerCap. GE is taking a 46% stake in the combined company and the deal will generate about $24 billion in cash. Once the deal closes in nine to 12 months, GE plans to shift GE Capital’s remaining debt and assets onto the company’s industrial balance sheet.