10:04 AM EDT, 05/08/2024 (MT Newswires) -- AerCap Holdings ( AER ) said Wednesday that it secured a deal with Safran Aircraft Engines and Shannon Engine Support for the purchase of 150 new CFM LEAP spare engines, valued at approximately $3 billion.

The engines will be managed by Shannon Engine Support, a 50/50 joint venture between Safran and AerCap ( AER ), and will be used for the in-service Boeing 737 MAX and Airbus A320neo aircraft fleet, said the company.

In addition, AerCap ( AER ) said its board approved a new $500 million share repurchase program through Dec. 31, 2024, and the initiation of the company's first quarterly dividend of $0.25 per share, which will be paid June 13 to shareholders on record as of May 22.

AerCap ( AER ) shares were nearly 2% higher in recent trading.

Price: 88.83, Change: +1.39, Percent Change: +1.59