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AerCap CEO Aengus Kelly speaks during a panel at the 2015 International Air Transport Association Annual General Meeting and World Air Transport Summit in Miami Beach, Fla., on June 8, 2015.Joe Skipper/Reuters

Ireland’s AerCap Holdings NV on Tuesday confirmed ongoing discussions with General Electric Co to acquire its aircraft-leasing business.

The U.S. business, known as GE Capital Aviation Services or GECAS, is one of the world’s biggest jet-leasing companies. It leases passenger aircraft made by companies including Boeing Co and Airbus SE.

Reuters on Monday reported AerCap and General Electric are discussing a deal to forge an industry titan with more than 2,000 jets, citing people familiar with the matter.

AerCap said the outcome of the talks has yet to be determined and there can be no guarantee that an agreement will be reached.

“No further statements will be made by the issuers or the company regarding this matter until the time of the conclusion of those discussions,” the Irish jet leasing company said in a statement.

GE and AerCap, the world’s two largest aircraft lessors, are paving the way for the biggest aircraft leasing shake-up in almost a decade.

This comes as the COVID-19 pandemic is expected to shift more of the world’s fleet from battered airlines to the leasing industry, which already holds around half of Airbus and Boeing deliveries.

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