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Mon 24 Apr 2017 05:37 PM

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Dubai's DAE signs deal to buy aircraft leasing firm

Dubai Aerospace Enterprise says combined company will be worth $14bn after deal to buy AWAS

Dubai's DAE signs deal to buy aircraft leasing firm

Dubai Aerospace Enterprise (DAE) Ltd has announced the signing of a definitive agreement to acquire 100 percent of the AWAS group of companies, a global leader in aircraft leasing.

The deal has been struck with funds managed by Terra Firma Capital Partners and the Canadian Pension Plan Investment Board. Terms of the transaction were not disclosed.

AWAS is one of the world’s leading aircraft leasing companies, with a fleet of 263 owned, managed and committed narrow and wide-body aircraft, including a pipeline of 23 new aircraft on order to be delivered before the end of 2018.

AWAS currently provides customised aviation solutions to over 85 airline customers in over 45 countries, a statement said.

It added that the combined company will have an owned, managed and committed aircraft fleet of 394 aircraft with a total value of over $14 billion. It will serve over 110 airline customers in over 55 countries from offices in Dubai, Ireland, Singapore and the United States.

DAE managing director Khalifa H AlDaboos said: “This acquisition of AWAS is strategically compelling and propels DAE into a top 10 aircraft leasing platform. Our leasing business has been growing at a rapid clip and this acquisition will more than double the current size of our business, providing the necessary scale for DAE to best serve its customers.”

The transaction, which will be financed by DAE’s internal resources and committed debt financing, is subject to required regulatory approvals and is expected to be completed in the third quarter of 2017.

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