Benzinga | Nov 2, 2021 05:58PM EDT

AerCap Forms JV With Safran For Shannon Engine Support

* AerCap Holdings N.V. (NYSE:AER) announced that, following the acquisition of the GE Capital Aviation Services business, it had signed a 20-year joint venture agreement with Safran Aircraft Engines regarding Shannon Engine Support (SES). Deal terms were not disclosed.

* SES, a provider of spare engines for CFM International, is now a 50/50 joint company between AerCap and Safran SA (OTC:SAFRF).

* SES will continue to provide lease engine support to CFM and CFM operators. CFM is a 50/50 joint company between Safran Aircraft Engines and General Electric Co (NYSE:GE).

* Price Action: AER shares closed higher by 1.78% at $64.68 on Tuesday.