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UPDATE 1-Canada's CDPQ and GE to form $2 bln aircraft financing platform

Published 2017-06-19, 07:48 a/m
© Reuters. UPDATE 1-Canada's CDPQ and GE to form $2 bln aircraft financing platform
GE
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BBDb
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(Adds details, shares)

June 19 (Reuters) - CDPQ, Canada's second-largest pension fund, and General Electric (NYSE:GE) Co GE.N signed a commitment letter to form a $2 billion global aircraft financing platform.

The new platform, to be named Einn Volant Aircraft Leasing, will acquire fuel-efficient aircraft from global airlines and lease them back to airlines under long-term leases, the companies said in a statement. CDPQ, which is one of Canadian planemaker Bombardier Inc's BBDb.TO biggest shareholders, the deal marks an entry into the aircraft leasing and financing industry.

GE's shares were up 0.7 percent at $29.20 in premarket trading on Monday.

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