General Electric is selling its aircraft financing arm, GECAS, to Air Cap of Ireland, according to details revealed on Wednesday.

Rumors of a tie up have been circulating all week.

The combination creates a portfolio of more than 2000 jets that's three times as large as its nearest rival and as the biggest buyer of jetliners built by Airbus and Boeing.

The merger forms accompany large enough to reshape the global air finance industry at a pivotal time.

Several smaller leasing firms have struggled to survive over the past year as the global health crisis resulted in a slump in global air travel, forcing airlines to park planes and delay deliveries.

The sale of GE Capital Aviation Services is the latest effort to clean up the balance sheet and streamline operations at the humbled industrial conglomerate.

CEO Larry Cult came in in 2018, vowing to reduce debt and refocus the company on four core industries power, renewable energy, aviation and healthcare.

Shares of GE have been rebounding under his tenure and are up 23% so far this year.