AerCap Holdings (AerCap) has signed a 20-year joint venture agreement with Safran Aircraft Engines regarding Shannon Engine Support (SES).

Following AerCap’s acquisition of GE Capital Aviation Services (GECAS), SES, a major provider of spare engines for CFM International, is now a 50/50 joint company between AerCap and Safran.

“The SES business is a great fit within the AerCap portfolio, with similar expertise, common assets and a complementary customer base to our wholly owned engine leasing business,” said AerCap’s CEO Aengus Kelly.

“This partnership extends our longstanding relationship with Safran, one of the world’s leading aviation companies. We look forward to working with the team at Safran to drive continued success at SES.”

SES, the world’s largest lessor of CFM56 and LEAP engines, will continue to provide lease engine support to CFM and CFM operators.

Safran Aircraft Engines’ CEO Jean-Paul Alary said: “The SES joint venture with AerCap is a key asset of supporting our CFM customers, especially as the CFM56 and LEAP engines continue to achieve strong success in the marketplace. Having AerCap, the largest aviation lessor, as a strategic partner significantly adds to our customer offering.”