In February 2021, with the aviation industry reeling from Covid, AerCap pounced on GECAS. The biggest lessor in the world bought the second-biggest, for $30 billion. It made AerCap the biggest lessor in the world by a distance, with 18 per cent of the global aircraft fleet. This is part of the AerCap playbook. It reached where it is through a series of audacious, large, acquisitions. Since the deal was completed in November 2021, much has changed in the industry. The risk from the pandemic has faded, only to be replaced by the Ukraine war and spiking global interest rates.  At the…

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