GE Capital Aviation Services (GE-CAS) — the aircraft-leasing division of GE — has signed an agreement to acquire Milestone Aviation Group (the Dublin-based helicopter lessor) for $1.775 billion.

CEO Keith Sherin said: “This acquisition is a great fit for GE-CAS. It combines our global reach and 45-plus years in leasing commercial jets with a fast-growing helicopter-financing platform that will diversify the business. The addition of Milestone will deepen our domain expertise in aviation and oil and gas — two critical GE industries.”

Mr Sherin said that the acquisition is in line with the company’s strategic plan of “growing and enhancing value in core areas aligned with GE’s industrial domains — including energy, aviation, oil and gas and health-care — while reducing the overall size of GE Capital through the disposition of non-strategic assets such as the recently executed IPO and planned split-off of our North American Retail Finance business and the sale of our consumer banks in the Nordics.”

Since Milestone was established in August 2010 by aviation and leasing industry veteran Richard T Santulli and others, it has become a leading helicopter-leasing company.

Today, its fleet includes 168 helicopters worth $2.8 billion, as well as a strong forward order and options worth $3 billion with a number of helicopter manufacturers. Its fleet is currently leased to 31 operators in 25 countries and is used primarily in offshore oil and gas, search and rescue, emergency medical services and mining applications.